This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EMC Snatches Up Iomega

Updated from April 4

Data storage company EMC (EMC) has agreed to acquire its smaller rival Iomega (IOM) for about $213 million in a bid to expand its reach in the consumer and small business markets.

EMC will tender its offer of $3.85 a share for the San Diego-based Iomega in the next two weeks. The revised bid represents a 18.5% premium above the $3.25-a-share offer that EMC made to Iomega last month.

EMC then upped the bid to $3.75 recently to re-enter negotiations.

The acquisition is expected to be completed in the second quarter of 2008, and will have no material impact on EMC's financial results for the fiscal, the company said.

Shares of EMC closed down 6 cents, or 0.4%, to $14.84 Tuesday. Iomega shares closed down 4 cents, or 1.1%, to $3.64. Iomega's stock rose 4.4%, or 16 cents, to $3.80 in extended trading on the news.

"Iomega brings to EMC a deep knowledge of and established business practices for servicing consumers and small businesses," said Joe Tucci, chairman, president and CEO of EMC in a statement.

Upon completion of the acquisition, Iomega will serve as the core of EMC's new consumer/small business products division led by Jonathan Huberman, CEO of Iomega. He will report to Joel Schwartz, senior vice president and general manager, EMC storage platforms division.

Know What You Own: EMC operates in the data storage industry, and some of the other stocks in its field include NetApp (NTAP), Hewlett-Packard (HPQ), IBM (IBM) and Sun Microsystems (JAVA). These stocks were recently trading at $21.28, -1.71%, $45.92, -0.33%, $117.03, +0.65% and $15.31, +0.33% respectively. For more on the value of knowing what you own, visit's Investing A-to-Z section.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs