Iomega Spurns EMC's Offer
The San Diego-based maker of storage and network systems said its board on Sunday unanimously decided to turn down EMC's offer to acquire the company for $3.25 a share.
The board said it had problems with the bid's valuation and considered its proposed due diligence contingencies overly broad.
Iomega said the offer was not superior to a share purchase agreement that it struck with the ExcelStor Group Ltd. in December. The deal called for the Chinese company's parent, Great Wall Technology, to obtain about 60% of the shares in Iomega.Shares of EMC in afternoon trading were down 22 cents, or 1.46%, to $14.81, while shares of Iomega were up 59 cents, or 22.2%, to $3.25. Know What You Own: EMC operates in the data storage industry, and some of the other stocks in its field include Hewlett-Packard (HPQ), Network Appliance (NTAP), Sun Microsystems (JAVA) and IBM (IBM). These stocks were recently trading at $46.81, $21.47, $15.96 and $113.61, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV