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Iomega ready to talk with EMC about possible acquisition
By Lisa Kerner
Charlotte, N.C., March 17 - Iomega Corp. said it is prepared to enter into discussions with EMC Corp. following the receipt of a revised unsolicited non-binding indication of interest from the company.
EMC is prepared to offer $3.75 per share to acquire the 54.8 million outstanding shares of Iomega's common stock, according to an Iomega news release.
Iomega's board of directors determined that EMC's offer would reasonably constitute a superior proposal as defined in the share purchase agreement that Iomega entered into with ExcelStor Great Wall Technology Ltd., Shenzhen ExcelStor Technology Ltd., Great Wall Technology Co. Ltd., ExcelStor Group Ltd. and ExcelStor Holdings Ltd.
ExcelStor Great Wall and its affiliates were properly notified by Iomega of its intent to provide information to EMC regarding a possible acquisition, Iomega said.
There is no definitive proposal with terms, and Iomega's board of directors has not approved, adopted or recommended an EMC acquisition proposal, the release stated.
It was previously announced that on Dec. 12, Iomega proposed acquiring 100% of the issued and outstanding equity interests in ExcelStor, from the selling shareholders, in exchange for a number of shares of Iomega's common stock, representing approximately 60% of the issued and outstanding capital stock of Iomega.
EMC recently acquired Document Sciences Corp. for $85.5 million, or $14.75 per share.
EMC, located in Hopkinton, Mass., develops and supports information infrastructure technology and solutions.
Iomega, based in San Diego, provides storage and network security solutions for businesses and consumers.
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