EMC To Buy Iomega For $213 Million

Iomega, famous for its Zip drives and external drives in general, is going to be acquired by EMC for $213 Million.

EMC started to court Iomega in March with an offer of $3.25 per share, or $178 million in cash, but Iomega’s board rejected it since it was already evaluating an higher offer by ExcelStor Group, a Chinese company; eventually EMC upped its bid a few weeks later to $3.75, or $206 million, and this time they have been able to open the door to the negotiation.

EMC always specialized on the large enterprises’ market and with the acquisition of Iomega it hopes to enter the market of consumers and small businesses.

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