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.