Iomega announced today that it has received an unsolicited proposal to purchase all outstanding shares of Iomega stock. Iomega says it is prepared to enter into discussions with EMC. Currently Iomega has about 54.8 million outstanding shares of stock.
EMC has offered up to $3.75 per share for the stock and the possible sale is still pending due diligence. Iomega says that EMC’s proposal is a better offer than the previous proposal submitted by ExcelStor Technology Limited.
The total deal would be worth approximately $205 million dollars. Iomega says its board and legal counsel will continue to evaluate the proposal before making final judgment.