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EMC accepts more than 45.5 million shares in completed tender offer for Iomega
By Lisa Kerner
Charlotte, N.C., June 9 - EMC Corp. said 45,536,839 shares, or 83%, of Iomega Corp.'s outstanding common stock were tendered in the offer that ended June 6.
Of the total shares tendered, 334,034 shares were tendered under guaranteed delivery procedures, an EMC news release said.
All shares that were validly tendered and not properly withdrawn on or prior to the deadline have been accepted for purchase, EMC said.
EMC, through Emerge Merger Corp., plans to purchase from Iomega additional shares that, when combined with the shares purchased in the tender offer, give EMC ownership of 90% of Iomega's outstanding shares.
The acquisition will be completed via a short-form merger within the next several business days, EMC noted.
Emerge Merger will merge with and into Iomega, with Iomega continuing as the surviving corporation and as a direct wholly owned subsidiary of EMC, the release stated.
Any remaining shares of Iomega common stock will be converted into the right to receive the same $3.85 in cash per share, without interest and less any required withholding taxes, that was paid in the tender offer.
Iomega's shares will cease trading on the New York Stock Exchange following the merger's close.
As previously announced, EMC began a cash tender offer on April 24 for all of Iomega's outstanding common shares at $3.85 per share, in cash without interest.
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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