HOPKINTON, Mass., Dec. 20, 2010 /PRNewswire/ -- 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 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 is a registered trademark of EMC Corporation in the United States and/or other countries. All
other trademarks used are the property of their respective
owners.
Forward-Looking Statements
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.
SOURCE EMC Corporation
