EMC Completes Tender Offer for Isilon Systems
Acquisition Expected To Close Tomorrow
EMC Corporation (NYSE: EMC), the world leader in information infrastructure solutions, today announced the successful completion of its tender offer for all outstanding shares of common stock of Isilon Systems, Inc. (NASDAQ: ISLN).
The tender offer expired at 12:00 midnight Eastern Standard Time (EST) on December 17, 2010. Isilon stockholders tendered a total of approximately 63,988,828 shares of Isilon common stock in the offer, representing approximately 95.5% of the outstanding Isilon shares. Together with the 0.4% of outstanding Isilon shares previously held by EMC, EMC now controls approximately 95.9% of Isilon shares outstanding. EMC has accepted for payment all shares tendered in the offer.
EMC expects to effect a second-step merger and complete its acquisition of Isilon tomorrow. All remaining outstanding Isilon shares, other than those held by Isilon, EMC or their respective wholly-owned subsidiaries and stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $33.85 per share in cash.
Following the merger, Isilon common stock will cease to be traded on The NASDAQ Stock Market. Isilon will become a division within EMC's Information Infrastructure Products business. Sujal Patel, Isilon Founder, President and CEO, will report directly to Pat Gelsinger, President and Chief Operating Officer, EMC Information Infrastructure Products.
About Dell 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.
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