HOPKINTON, Mass. and SAN DIEGO, April 25 /PRNewswire/ -- EMC Corporation
(NYSE: EMC), the world leader in information infrastructure solutions, and
Iomega Corporation (NYSE: IOM), a global leader in data storage and protection
for consumers and small businesses, today announced that EMC commenced a cash
tender offer for all outstanding shares ("Shares") of the common stock of
Iomega at a price of US$3.85 per share, net to the seller in cash. The cash
tender is being made pursuant to the Offer to Purchase, dated April 24, 2008,
and in connection with the Agreement and Plan of Merger, dated as of April 8,
2008, among EMC, Emerge Merger Corporation (a wholly owned subsidiary of EMC
formed for the purpose of making the Offer) and Iomega, which EMC and Iomega
publicly announced on April 8, 2008.
The tender offer will expire at 12:00 midnight, Eastern Daylight Time, on
Wednesday, May 21, 2008, unless extended.
There is no financing condition to the tender offer, but the tender offer
is subject to certain other conditions set forth in the Offer to Purchase,
including, obtaining regulatory approvals from antitrust authorities in the
U.S. and the European Commission. On April 22, 2008, the Federal Trade
Commission granted us early termination of the waiting period under the Hart-
Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to
the tender offer and merger.
Additional Information and Where to Find It
This press release is not an offer to purchase, a solicitation of an offer
to purchase or a solicitation of an offer to sell any of the Shares. The
solicitation and the offer to buy shares of Iomega common stock is being made
pursuant to the Offer to Purchase and related materials that EMC and its
wholly owned subsidiary filed with the U.S. Securities and Exchange Commission
on April 24, 2008. EMC and its wholly owned subsidiary filed a Tender Offer
Statement on Schedule TO containing an Offer to Purchase, forms of letters of
transmittal and other documents relating to the tender offer, and Iomega filed
a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the
tender offer. EMC, its wholly owned subsidiary and Iomega have commenced
mailing these documents to the stockholders of Iomega. These documents contain
important information about the tender offer and stockholders of Iomega are
urged to read them carefully. Investors and stockholders of Iomega are able to
obtain a free copy of these and other documents filed by Iomega or EMC with
the SEC at the website maintained by the SEC at http://www.sec.gov. In
addition, the tender offer statement and related materials may be obtained for
free by directing such requests to EMC Corporation at 176 South Street,
Attention: Office of the General Counsel, Hopkinton, MA 01748. Investors and
stockholders may obtain a free copy of the solicitation/recommendation
statement and such other documents from Iomega by directing requests to Iomega
at 10955 Vista Sorrento Parkway, Attention: Corporate Secretary and General
Counsel, San Diego, CA 92103.
For additional information, please contact the information agent for the
offer.
The Information Agent for the Offer is:
MORROW
MORROW & CO., LLC
470 West Avenue
Stamford, CT 06902
(203) 658-9400
Banks and Brokerage Firms Call: (800) 662-5200
Stockholders Call Toll Free: (800) 607-0088
E-mail: IOM.info@morrowco.com
About EMC
EMC Corporation (NYSE: EMC) is the world's leading developer and provider
of information infrastructure technology and solutions that enable
organizations of all sizes to transform the way they compete and create value
from their information. Information about EMC's products and services can be
found at http://www.EMC.com.
About Iomega
Iomega Corporation, headquartered in San Diego, is a worldwide leader in
innovative storage and network security solutions for small and mid-sized
businesses, consumers and others. Iomega has sold more than 400 million
digital storage drives and disks since its inception in 1980. To learn about
all of Iomega's digital storage products and managed services solutions,
please go to the Web at http://www.iomega.com. Resellers can visit Iomega at
http://www.iomega.com/ipartner.
EMC is a registered trademark of EMC Corporation. Iomega is a registered
trademark of Iomega Corporation. All other trademarks are the property of
their respective owners.
This release contains "forward-looking statements" as defined under the
federal securities laws. These include, without limitation, all references to
the date the Offer will be completed. Actual results could differ materially
from those projected in the forward-looking statements as a result of certain
risk factors, including but not limited to: (i) any adverse governmental
reactions as we seek approvals for the acquisition of Iomega, or business
partner reactions to the acquisition; (ii) material adverse changes in general
economic or market conditions; (iii) the potential for Iomega's employees to
leave their positions as a result of the acquisition; (iv) changes in the
business of EMC or Iomega; or (v) other one-time events and other important
factors disclosed previously and from time to time in EMC and Iomega's filings
with the U.S. Securities and Exchange Commission. EMC disclaims any obligation
to update any such forward-looking statements after the date of this release.
SOURCE EMC Corporation