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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 EMCs 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 nights 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.
EMC intends to start the tender offer in the next two weeks, with completion of the offer expected in the second quarter of 2008.
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