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Iomega shareholders back $213M sale to EMC

By Associated Press
June 9, 2008 | Comments (0)

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EMC Corp. has won backing from Iomega Corp.'s shareholders to acquire the San Diego-based data storage company best known for the Zip drive.

Hopkinton-based EMC said Monday that holders of 83 percent of Iomega's stock agreed to tender their shares in support of the $213 million deal announced two months ago.

EMC intends to buy additional Iomega shares to achieve more than 90 percent support, and complete the acquisition in the next several business days without a vote by Iomega shareholders.

Iomega is best known for the more than 50 million Zip storage drives and 300 million Zip disks sold since 1995. With more advanced storage technologies replacing Zip disks, Zip products now make up a small share of Iomega's current business.

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