EMC BIDS FOR ACQUISITION OF IOMEGA
AsiaInfo Services, March, 2008
AsiaInfo Services 03-13-2008 EMC Bids for Acquisition of Iomega SHENZHEN, Mar 13, 2008 (SinoCast via COMTEX) -- EMC Corporation is competing with Great Wall Technology Co., Ltd (Great Wall Tech and SEHK: 0074) for acquiring Iomega Corporation (NYSE: IOM), a San Diego-based storage vendor. On March 11, 2008, Iomega announced that it had gained a bid offer of USD 178 million or USD 3.25 per share proposed by Massachusetts-based EMC, the global leading network storage services provider.
However, it was not satisfied with the price, which is 22% higher than its closing price on March 7. Iomega considered the previous agreement with Great Wall Tech was more attractive. In December 2007, Iomega agreed to issue 84 million shares of common stock, plus USD 50,000 in cash,...
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