Latest in Acquire

Image credit:

Iomega acquired by EMC for $213 million

Darren Murph
April 9, 2008
Share
Tweet
Share

Sponsored Links

Not even a month after we heard that Iomega was warming to a revised takeover bid from EMC, the two lovebirds have finally let their true feelings be known. Announced today, EMC is acquiring the famed Zip Drive manufacturer for $213 million. The final figure is nearly $7 million higher than the one proposed in March, and the all-cash agreement worked out to $3.85-per share -- 5.8-percent higher than Iomega's Tuesday closing price of $3.64. Also of note, Iomega will be picking up the tab on a $7.5 million termination fee to the shareholders for a canceled deal involving China's ExcelStor Group, and EMC stated that it didn't expect the acquisition to "have any material impact on its full-year earnings."

[Thanks, Khattab]



All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Share
Tweet
Share

Popular on Engadget

Redbox's Free Live TV comes to Xbox One consoles

Redbox's Free Live TV comes to Xbox One consoles

View
What we bought: Our favorite USB-C chargers

What we bought: Our favorite USB-C chargers

View
'Sekiro' GOTY Edition trailer offers a peek at fresh challenges

'Sekiro' GOTY Edition trailer offers a peek at fresh challenges

View
iPhone 12 teardown reveals how 5G has changed things

iPhone 12 teardown reveals how 5G has changed things

View
Garmin smartwatches are on sale at all-time low prices at Amazon

Garmin smartwatches are on sale at all-time low prices at Amazon

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr