Iomega said in a statement that a board meeting held on 9 March resulted in members deciding unanimously to reject the unsolicited offer.
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.
Iomega turns down US$178M EMC offer
By
Shaun Nichols
on
Mar 12, 2008 7:28AM
Storage firm Iomega has turned down an acquisition offer from EMC, insisting that the US$178 million proposal is "not a superior offer" to its current business plans..
Got a news tip for our journalists? Share it with us anonymously here.
Partner Content
Promoted Content
Security: Understanding the fundamentals of governance, risk & compliance
.png&h=183&w=300&c=1&s=0)
Promoted Content
Accenture and Google Cloud team up to create a loveable, Australian-first, renewable energy product
Promoted Content
Security "mindset shift" needed to protect organisations
Promoted Content
How to turn digital complexity into competitive advantage
Sponsored Whitepapers
Extracting the value of data using Unified Observability
Planning before the breach: You can’t protect what you can’t see
Beyond FTP: Securing and Managing File Transfers
NextGen Security Operations: A Roadmap for the Future
Video: Watch Juniper talk about its Aston Martin partnership
.jpg&h=146&w=240&c=1&s=0)
