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Iomega acquired by EMC for $213 million

Darren Murph
04.09.08
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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]

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