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Monday, March 17, 2008
Iomega Gets New Buyout Offer From EMC
San Diego-based Iomega is reporting this morning that it has received a new, revised takeover proposal from EMC Corporation. Iomega, which spurned an EMC offer last week to buy the firm, said EMC has upped its offer to $3.75 per share of its stock for approximately 54.8M outstanding shares. The offer is worth approximately $205.5M. According to Iomega, its board has determined that the revised acquisition agreement would "reasonably constitute a superior proposal" over an earlier agreement Iomega had with ExcelStor Great Wall Technology Limited and its affiliates. The new offer for Iomega is a $0.50 increase over EMC's last Monday bid for the firm. Iomega said its board, along with its financial and legal advisors, will continue to evaluate the acquisition proposal from EMC.
posted on Monday, March 17, 2008
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