June 2, 2008
Extra Week For EMC Iomega Buy
By Eileen Kennedy
EMC Corp. of Hopkinton has extended by another week its cash offer to buy Iomega Corp. of California for $213 million or $3.85 per share, according to EMC.
The extra five business days from the original offer date of May 30 to the new one of June 6, are to allow the European Commission more time to review the acquisition, which is a condition of the deal's completion.
The European Commission is the executive branch of the European Union. Iomega has significant operations in Geneva, Switzerland. EMC is seeking anti-trust approval from the European Commission.
On Friday, about 82 percent of Iomega's outstanding shares had been tendered, according to EMC.
Iomega makes external computer hard drives.
The extra five business days from the original offer date of May 30 to the new one of June 6, are to allow the European Commission more time to review the acquisition, which is a condition of the deal's completion.
The European Commission is the executive branch of the European Union. Iomega has significant operations in Geneva, Switzerland. EMC is seeking anti-trust approval from the European Commission.
On Friday, about 82 percent of Iomega's outstanding shares had been tendered, according to EMC.
Iomega makes external computer hard drives.
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