Iomega Corporation Receives Unsolicited Acquisition Proposal and Determines That It is Not a Superior Proposal
March 10 2008 - 9:00AM
PR Newswire (US)
SAN DIEGO, March 10 /PRNewswire-FirstCall/ -- Iomega Corporation
(NYSE:IOM) announced today the receipt of an 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 $3.25 per share, assuming a
total of approximately 54.8 million outstanding shares. Iomega's
board of directors met on March 9, 2008, and unanimously determined
that the proposal from EMC would not reasonably constitute a
superior proposal within the meaning of the share purchase
agreement between Iomega, ExcelStor Great Wall Technology Limited,
a Cayman Islands company, and Shenzhen ExcelStor Technology
Limited, a PRC company, from Great Wall Technology Company Limited,
a People's Republic of China company, ExcelStor Group Limited, a
Cayman Islands company, and ExcelStor Holdings Limited, a British
Virgin Islands company (the "Selling Stockholders"). The Board
reached its conclusion based upon valuation and the Board's view
that the proposed due diligence contingencies were overly broad. As
previously announced, Iomega and the Selling Stockholders executed
a share purchase agreement, dated December 12, 2007, in connection
with a business combination. Iomega and the Selling Stockholders
are in the process of preparing the required filings for obtaining
the necessary regulatory and stockholder approvals for the business
combination. About Iomega Iomega Corporation, headquartered in San
Diego, is a worldwide leader in innovative storage and network
security solutions for small and mid-sized businesses, consumers
and others. The Company has sold more than 400 million digital
storage drives and disks since its inception in 1980. Today,
Iomega's product portfolio includes industry leading network
attached storage products, external hard drives, and its own
award-winning removable storage technology, the REV(R) Backup
Drive. OfficeScreen(R), Iomega's managed security services, which
are available in the U.S., provide enterprise quality perimeter
security and secure remote network access for SMBs, which help
protect small enterprises from data theft and liability. To learn
about all of Iomega's digital storage products and managed services
solutions, please go to the Web at http://www.iomega.com/.
Resellers can visit Iomega at http://www.iomega.com/ipartner.
Copyright(C) 2008 Iomega Corporation. All rights reserved. Iomega,
REV, and OfficeScreen are either registered trademarks or
trademarks of Iomega Corporation in the United States and/or other
countries. All other trademarks, trade names, service marks, and
logos referenced herein belong to their respective companies.
Media, please contact: Chris Romoser, Iomega Corporation, (858)
314-7148, Analyst/Investors, please contact: Preston Romm, Iomega
Corporation, (858) 314-7188 DATASOURCE: Iomega Corporation CONTACT:
Media: Chris Romoser, +1-858-314-7148, , or Analyst|Investors:
Preston Romm, +1-858-314-7188, both of Iomega Corporation Web site:
http://www.iomega.com/
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