Overland Rejects Takeover Offer

San Diego-based tape backup provider Overland Storage said yesterday that it is rejecting a takeover bid from rival Advanced Digital Information Corporation (ADIC). ADIC, the prime competitor to Overland's products, had offered to acquire all of the outstanding stock of Overland for $7.90 per share. Overland said that a special committee of its board of directors and advisor Needham & Co. determined that pursuing an offer on the suggested terms would not be in the best interest of Overland's shareholders.