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Iomega Announces Termination of Share Purchase Agreement With ExcelStor Entities |
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@Backup - Iomega |
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| 4/8/2008 @ 4:31 PM
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(see related story in FreshMoney on this website - just when you thought things were over a new beginning emerges)
As previously disclosed, Iomega Corporation (NYSE:IOM) had entered into a share purchase agreement with ExcelStor Great Wall Technology Limited, a Cayman Islands company ("ESGWT"), Shenzhen ExcelStor Technology Limited, a PRC company ("SETL" and, together with ESGWT, "ExcelStor"), Great Wall Technology Company Limited, a People's Republic of China company ("GWT"), ExcelStor Group Limited, a Cayman Islands company ("EGL"), and ExcelStor Holdings Limited, a British Virgin Islands company ("EHL" and, together with GWT and EGL, the "Selling Shareholders"), on December 12, 2007 (the "Purchase Agreement").
Effective on April 8, 2008, the board of directors of Iomega terminated the Purchase Agreement. In accordance with the terms of the Purchase Agreement, Iomega has paid the Selling Shareholders a termination fee of $7.5 million. The Purchase Agreement between Iomega, ExcelStor, and the Selling Shareholders is no longer in force and effect.
Concurrent with the termination of the Purchase Agreement, and as separately announced today, Iomega entered into an agreement and plan of merger (the "Merger Agreement") with EMC Corporation (NYSE:EMC) . EMC Corporation ("EMC") will commence a cash tender offer to purchase the outstanding shares of Iomega's common stock at a price per share of $3.85 in cash, without interest. Pursuant to the Merger Agreement, following the completion of the tender offer, a merger subsidiary of EMC will merge into Iomega leaving Iomega as the surviving entity and a wholly-owned subsidiary of EMC.
About Iomega
Iomega Corporation, headquartered in San Diego, is a worldwide leader in innovative storage and network security solutions for small and mid-sized businesses, consumers and others. The Company has sold more than 400 million digital storage drives and disks since its inception in 1980. Today, Iomega's product portfolio includes industry leading network attached storage products, external hard drives, and its own award-winning removable storage technology, the REV Backup Drive. OfficeScreen , Iomega's managed security services, which are available in the U.S. and select markets in Europe, provide enterprise quality perimeter security and secure remote network access for SMBs, which help protect small enterprises from data theft and liability. To learn about all of Iomega's digital storage products and managed services solutions, please go to the Web at www.iomega.com/. Resellers can visit Iomega at www.iomega.com/ipartner. |
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