Iomega considers revised buyout offer from EMC

After receiving an unsolicited and "inferior" buyout proposal from data storage company EMC, Iomega promptly dismissed it. Now the company has upgraded its offer, and Iomega is reconsidering.

EMC's original offer amounted to roughly $178 million, which Iomega felt was an undervaluation of the company. Today's offer to buy out all outstanding shares in Iomega amounts to roughly $205.5 million.

This morning, Iomega announed it found this offer more suitable and is now prepared to enter into talks with the Massachusetts-based storage information systems company.

This offer from EMC is in no way binding and there are no commitments for either company yet to hold to. But in the coming days, the companies could begin to draft agreements if all preliminary conditions are found to be suitably beneficial to both parties.