Storage giant EMC has extended the deadline for its proposed cash tender offer for Iomega.
The announcement means that EMC has until 30 May to acquire all outstanding shares of common stock of Iomega Corporation.
EMC said that the extension was made to allow the European Commission time to complete its review process, which is a condition of the completion of the tender offer.
EMC commenced a cash tender offer on 24 April for all outstanding shares of common stock of Iomega at a price of $3.85 per share in cash.
As of the close of business on 21 May a total of 42,797,977 shares of common stock of Iomega had been validly tendered and not withdrawn, representing approximately 78 per cent of the outstanding shares of common stock of Iomega.
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