EMC Completes Tender Offer for Iomega
09 6월 2008 - 9:30PM
PR Newswire (US)
HOPKINTON, Mass., June 9 /PRNewswire-FirstCall/ -- EMC Corporation
(NYSE: EMC), the world leader in information infrastructure
solutions, today announced successful completion of the tender
offer for the outstanding shares of common stock of Iomega
Corporation (NYSE:IOM). EMC expects to complete the Iomega
acquisition within the next several business days. At that time,
Iomega will disclose the completion of the merger in a Current
Report on Form 8-K filed with the Securities and Exchange
Commission. The tender offer expired at 5:00 p.m., Eastern Daylight
Time, on Friday, June 6, 2008. As of that time, approximately
45,536,839 shares of Iomega were validly tendered and not properly
withdrawn (including 334,034 shares tendered under guaranteed
delivery procedures), representing approximately 83%, or 77% on a
fully diluted basis, of Iomega's outstanding common stock. All
shares that were validly tendered and not properly withdrawn on or
prior to that time have been accepted for purchase. EMC will
promptly issue payment for all such shares. EMC also announced its
intent (through Emerge Merger Corporation) to purchase from Iomega
the number of additional shares sufficient to represent ownership
of more than 90% of Iomega's outstanding shares, when combined with
the shares purchased in the tender offer. Following the exercise,
EMC expects to effect, without a vote or meeting of Iomega
stockholders, a short-form merger to complete the acquisition of
Iomega. As a result, Emerge Merger Corporation will merge with and
into Iomega, with Iomega continuing as the surviving corporation
and as a direct wholly owned subsidiary of EMC. Any shares of
Iomega common stock not tendered to EMC in EMC's tender offer
(other than shares held by stockholders who properly demand and
perfect appraisal rights under Delaware law and any shares owned by
Iomega, EMC or any of their subsidiaries) will then be converted
into the right to receive the same $3.85 in cash per share, without
interest and less any required withholding taxes, that was paid in
the tender offer. Following the merger, Iomega common stock will
cease to be traded on the NYSE. 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/. 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 merger 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 SEC. 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, Web site: http://www.emc.com/
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