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A week after its initial offer was rebuffed, EMC has given Iomega another pitch to consider -- one that has gotten better reception.
Iomega's management has agreed to consider a new offer from EMC that could bring the purchase price to about $205.5 million (or 54.8 million shares at $3.75 each), as opposed to the $178.1 million (54.8 million shares at $3.25) EMC originally proposed.
Iomega shares rose on the news and were trading this morning at $3.55, up .29 (8.9 percent).
As before, a commitment Iomega made last December to acquire China's ExcelStor could stand in the way. That offer includes the issue of 84 million shares of Iomega common stock (based on share price at closing) in exchange for all outstanding ExcelStor common shares.
Even though the ExcelStor deal conceivably could come in at a higher value than EMC's, given the terms outlined above, Iomega's official statement today calls EMC's bid a "superior" proposal. But specifics aren't laid out about elements other than share price value that caused the board to change direction regarding EMC. And the statement also indicates the board has no assurance either that EMC will actually produce a deal or that Iomega will accept it.
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