EMC intends to commence the tender offer in the next two weeks, with completion of the tender offer expected in the second quarter of 2008, subject to customary closing conditions and regulatory approvals. The acquisition is expected to have no material impact on EMC financial results for the full 2008 fiscal year.
Upon completion of the acquisition, Iomega will serve as the core of EMC's
new Consumer/Small Business Products Division. The new division (led by
Iomega adds to the growing list of product offerings EMC is amassing for
the consumer and small business markets. As long-standing partners, EMC and
Iomega will continue to build upon their existing foundation of technology
integrations. Since 2004, Iomega has been packaging and selling EMC Retrospect
backup software with all its external disk drives. In
About Iomega
Iomega Corporation, headquartered in
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 www.EMC.com.
EMC and Retrospect are registered trademarks and LifeLine is a 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. 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) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) our ability to protect our proprietary technology; (iv) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (v) fluctuations in VMware, Inc.'s operating results and risks associated with trading of VMware stock; (vi) competitive factors, including but not limited to pricing pressures and new product introductions; (vii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (viii) component and product quality and availability; (ix) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (x) insufficient, excess or obsolete inventory; (xi) war or acts of terrorism; (xii) the ability to attract and retain highly qualified employees; (xiii) fluctuating currency exchange rates; and (xiv) other one- time events and other important factors disclosed previously and from time to time in EMC'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.
The tender offer described in this announcement has not yet commenced.
This announcement is neither an offer to purchase nor a solicitation of an
offer to sell any shares of Iomega. The solicitation and the offer to buy
shares of Iomega common stock will be made pursuant to an offer to purchase
and related materials that EMC and its wholly owned subsidiary intend to file
with the U.S. Securities and Exchange Commission. At the time the tender offer
is commenced, EMC and its wholly owned subsidiary intend to file 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 intends to file a Solicitation/Recommendation Statement on Schedule
14D-9 with respect to the tender offer. EMC, its wholly owned subsidiary and
Iomega intend to mail these documents to the stockholders of Iomega. These
documents will contain important information about the tender offer and
stockholders of Iomega are urged to read them carefully when they become
available. Investors and stockholders of Iomega will be able to obtain a free
copy of these documents (when they become available) and other documents filed
by Iomega or Purchaser with the SEC at the website maintained by the SEC at
www.sec.gov. In addition, the tender offer statement and related materials may
be obtained for free (when they become available) by directing such requests
to EMC Corporation at 176 South Street, Attention: Office of the General
Counsel,
SOURCE EMC Corporation