Monday, March 10, 2008

Iomega Reports EMC Bid For Firm

San Diego-based Iomega Corporation reported today that it has received an unsolicited acquisition proposal from data storage giant EMC. According to Iomega, EMC offered to acquire the outstanding common stock of the firm for $3.25 per share. According to Iomega, its board of directors has determined that the poprosal from EMC would not constitue a superior proposal for the firm to the company's existing agreement with ExcelStor Great Wall Technology Limited. Iomega announced a merger with ExcelStor Great Wall Technology in December.