EMC had offered to purchase all 54.8 million outstanding shares of Iomega stock at US$3.25 per share.
Iomega stated that it would continue an earlier plan to acquire Chinese storage firm ExcelStor rather than accept the buyout offer from EMC.
The ExcelStor offer was approved by the Iomega board in December 2007, and the company is still in the process of gaining regulatory and shareholder approval for the deal.
In related news, EMC has agreed to purchase IT management firm Infra which specialises in IT services management software.
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