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EMC extends tender offer for Iomega until Friday

By Associated Press
June 2, 2008 | Comments (0)

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Data storage products company EMC Corp. said Monday it extended its tender offer for San Diego-based Iomega Corp. until this Friday.

The offer of $3.85 per share in cash was already extended last month. EMC has agreed to buy data storage device maker Iomega for $213 million to expand its offerings for small businesses and consumers. The price represented a 20 percent increase over EMC's initial bid of $178 million, or $3.25 per share.

EMC said it extended the deadline to give the European Commission time to complete its review process of the offer.

The tender offer began April 24. As of May 30, about 45 million shares had been tendered, representing about 82 percent of Iomega's outstanding shares, EMC said.

EMC shares fell 17 cents to $17.27 in morning trading.

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