Dan’s Tech-n-Stuff Weblog

In an all-cash transaction, EMC has acquired Iomega for $213 million, or nearly $3.85 per share.

Yesterday Iomega’s closing stock price was $3.64 per share which makes the deal 5.8-percent higher per share.

Prior to this deal being accepted Iomega was planning to acquire China’s ExcelStor Group from Great Wall Technology Co. Ltd.

Great Wall is the parent company to ExcelStor Group as well as an Iomega shareholder and this deal would have made Great Wall a majority stake holder in Iomega, and ExcelSor would have operated as a wholly owned Iomega subsidiary.

Since that fell through Iomega will be paying a $7.5 million termination fee to shareholders of ExcelStor Group.

[Via Engadget]