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03.17.2008 - Iomega Received Revised Unsolicited Proposal And is Prepared to Enter into Discussions with EMC

View Iomega related news. SAN DIEGO, March 17, 2008 - Iomega Corporation (NYSE: IOM) announced today receipt of a revised 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 up to $3.75 per share, assuming a total of approximately 54.8 million outstanding shares, subject to completion of due diligence. The Iomega board of directors, after consultation with its financial and legal advisors, has determined that the revised acquisition proposal from EMC would reasonably constitute a superior proposal as defined in the previously announced share purchase agreement that Iomega entered into with ExcelStor Great Wall Technology Limited, a Cayman Islands company ("ESGWT"), Shenzhen ExcelStor Technology Limited, a PRC company ("SETL" and, together with ESGWT, "ExcelStor"), Great Wall Technology Company Limited, a People's Republic of China company ("GWT"), ExcelStor Group Limited, a Cayman Islands company ("EGL"), and ExcelStor Holdings Limited, a British Virgin Islands company ("EHL" and, together with GWT and EGL, the "Selling Shareholders"), on December 12, 2007 (the "ExcelStor Purchase Agreement"). Based on this determination and as permitted by the ExcelStor Purchase Agreement, Iomega's board of directors has authorized Iomega to furnish information to EMC and enter into discussions with it regarding its most recent proposal. Pursuant to the ExcelStor Purchase Agreement, Iomega must provide the Selling Shareholders with at least 2 business days notice prior to entering into discussions with or furnishing any information to EMC in response or with respect to the EMC acquisition proposal. Iomega provided such notice to the Selling Shareholders on March 14, 2008.

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NID: 21384 / Submitted by: TACKtech Team
Categories: Press Release
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