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03.10.2008 - Iomega Corporation Receives Unsolicited Acquisition Proposal And Determines That It Is Not A Superior Proposal

View Iomega related news. SAN DIEGO, March 10, 2008 - 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.

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NID: 21383 / Submitted by: TACKtech Team
Categories: Press Release
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