Iomega Corporation Receives Unsolicited Acquisition Proposal And Determines That It Is Not A Superior Proposal
Iomega Corporation (NYSE: IOM) announced today the receipt of an unsolicited non-binding indication of interest from EMC Corporation (NYSE: EMC), in which EMC indicated that it is prepared to offer to acquire the outstanding common stock of Iomega for $3.25 per share, assuming a total of approximately 54.8 million outstanding shares. Iomega’s board of directors met on March 9, 2008, and unanimously determined that the proposal from EMC would not reasonably constitute a superior proposal within the meaning of the share purchase agreement between Iomega, ExcelStor Great Wall Technology Limited, a Cayman Islands company, and Shenzhen ExcelStor Technology Limited, a PRC company, from Great Wall Technology Company Limited, a People’s Republic of China company, ExcelStor Group Limited, a Cayman Islands company, and ExcelStor Holdings Limited, a British Virgin Islands company (the “Selling Stockholders”). The Board reached its conclusion based upon valuation and the Board’s view that the proposed due diligence contingencies were overly broad.
As previously announced, Iomega and the Selling Stockholders executed a share purchase agreement, dated December 12, 2007, in connection with a business combination. Iomega and the Selling Stockholders are in the process of preparing the required filings for obtaining the necessary regulatory and stockholder approvals for the business combination.
Copyright© 2008 Iomega Corporation. All rights reserved. Iomega, REV, and OfficeScreen are either registered trademarks or trademarks of Iomega Corporation in the United States and/or other countries. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.