EMC Commences Tender Offer for All Outstanding Shares of Iomega
April 25 2008 - 10:15AM
PR Newswire (US)
Receives Early Termination of HSR Waiting Period HOPKINTON, Mass.
and SAN DIEGO, April 25 /PRNewswire/ -- EMC Corporation (NYSE:EMC),
the world leader in information infrastructure solutions, and
Iomega Corporation (NYSE:IOM), a global leader in data storage and
protection for consumers and small businesses, today announced that
EMC commenced a cash tender offer for all outstanding shares
("Shares") of the common stock of Iomega at a price of US$3.85 per
share, net to the seller in cash. The cash tender is being made
pursuant to the Offer to Purchase, dated April 24, 2008, and in
connection with the Agreement and Plan of Merger, dated as of April
8, 2008, among EMC, Emerge Merger Corporation (a wholly owned
subsidiary of EMC formed for the purpose of making the Offer) and
Iomega, which EMC and Iomega publicly announced on April 8, 2008.
The tender offer will expire at 12:00 midnight, Eastern Daylight
Time, on Wednesday, May 21, 2008, unless extended. There is no
financing condition to the tender offer, but the tender offer is
subject to certain other conditions set forth in the Offer to
Purchase, including, obtaining regulatory approvals from antitrust
authorities in the U.S. and the European Commission. On April 22,
2008, the Federal Trade Commission granted us early termination of
the waiting period under the Hart- Scott-Rodino Antitrust
Improvements Act of 1976, as amended, with respect to the tender
offer and merger. Additional Information and Where to Find It This
press release is not an offer to purchase, a solicitation of an
offer to purchase or a solicitation of an offer to sell any of the
Shares. The solicitation and the offer to buy shares of Iomega
common stock is being made pursuant to the Offer to Purchase and
related materials that EMC and its wholly owned subsidiary filed
with the U.S. Securities and Exchange Commission on April 24, 2008.
EMC and its wholly owned subsidiary filed a Tender Offer Statement
on Schedule TO containing an Offer to Purchase, forms of letters of
transmittal and other documents relating to the tender offer, and
Iomega filed a Solicitation/Recommendation Statement on Schedule
14D-9 with respect to the tender offer. EMC, its wholly owned
subsidiary and Iomega have commenced mailing these documents to the
stockholders of Iomega. These documents contain important
information about the tender offer and stockholders of Iomega are
urged to read them carefully. Investors and stockholders of Iomega
are able to obtain a free copy of these and other documents filed
by Iomega or EMC with the SEC at the website maintained by the SEC
at http://www.sec.gov/. In addition, the tender offer statement and
related materials may be obtained for free by directing such
requests to EMC Corporation at 176 South Street, Attention: Office
of the General Counsel, Hopkinton, MA 01748. Investors and
stockholders may obtain a free copy of the
solicitation/recommendation statement and such other documents from
Iomega by directing requests to Iomega at 10955 Vista Sorrento
Parkway, Attention: Corporate Secretary and General Counsel, San
Diego, CA 92103. For additional information, please contact the
information agent for the offer. The Information Agent for the
Offer is: MORROW MORROW & CO., LLC 470 West Avenue Stamford, CT
06902 (203) 658-9400 Banks and Brokerage Firms Call: (800) 662-5200
Stockholders Call Toll Free: (800) 607-0088 E-mail: About EMC EMC
Corporation (NYSE:EMC) is the world's leading developer and
provider of information infrastructure technology and solutions
that enable organizations of all sizes to transform the way they
compete and create value from their information. Information about
EMC's products and services can be found at http://www.emc.com/.
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.
Iomega has sold more than 400 million digital storage drives and
disks since its inception in 1980. 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. EMC is a registered trademark of
EMC Corporation. Iomega is a registered trademark of Iomega
Corporation. All other trademarks are the property of their
respective owners. This release contains "forward-looking
statements" as defined under the federal securities laws. These
include, without limitation, all references to the date the Offer
will be completed. Actual results could differ materially from
those projected in the forward-looking statements as a result of
certain risk factors, including but not limited to: (i) any adverse
governmental reactions as we seek approvals for the acquisition of
Iomega, or business partner reactions to the acquisition; (ii)
material adverse changes in general economic or market conditions;
(iii) the potential for Iomega's employees to leave their positions
as a result of the acquisition; (iv) changes in the business of EMC
or Iomega; or (v) other one-time events and other important factors
disclosed previously and from time to time in EMC and Iomega's
filings with the U.S. Securities and Exchange Commission. EMC
disclaims any obligation to update any such forward-looking
statements after the date of this release. DATASOURCE: EMC
Corporation CONTACT: Dave Farmer of EMC Corporation,
+1-508-293-7206, , or Chris Romoser of Iomega, +1-858-314-7148, Web
site: http://www.emc.com/ http://www.iomega.com/
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