EMC said that the extension was made to allow the European Commission time to complete its review process, which is a condition of the completion of the tender offer.
EMC commenced a cash tender offer on 24 April for all outstanding shares of common stock of Iomega at a price of US$3.85 per share in cash.
As of the close of business on 21 May a total of 42,797,977 shares of common stock of Iomega had been validly tendered and not withdrawn, representing approximately 78 percent of the outstanding shares of common stock of Iomega.
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iTnews Executive Retreat - Security Leaders Edition
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