EMC begins tender offer for Iomega

By Lisa Kerner

Charlotte, N.C., April 25 - EMC Corp. began its $3.85-per-share cash tender offer for all outstanding shares of Iomega Corp., an EMC news release said.

The offer is set to expire at midnight ET on May 21.

While the offer is not conditioned on financing, EMC noted it is conditioned upon regulatory approval from the European Commission.

The Federal Trade Commission has already granted early termination of the Hart-Scott-Rodino waiting period in connection with the merger.

EMC agreed to acquire Iomega for some $213 million, it was previously reported.

Iomega is expected to play a key role in expanding EMC's information storage and management capabilities and will serve as the core of EMC's new consumer/small business products division.

In March, EMC 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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