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ShareEMC Makes $213M Iomega Move
Posted by James Rogers on April 9, 2008
ORLANDO, Fla. -- EMC has flashed its cash again, throwing down $213 million to get its hands on publicly traded removable media specialist Iomega.
The offer follows an intense triple round of negotiations in which Iomegas valuation has risen more than $30 million, pointing up EMC’s desire to break into the consumer storage market.
Last month, after its initial $178.1 million offer for Iomega was rebuffed, EMC upped its bid to $205.5 million, although it was ultimately pushed up to last night’s figure of $213 million.
In a statement released after the markets closed last night, EMC announced a “definitive agreement” to acquire Iomega in a cash tender offer of $3.85 per outstanding share, or approximately $213 million.
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