HOPKINTON, Mass. - December 20, 2010 -
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.
Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions. Dell EMC services customers across 180 countries – including 98 percent of the Fortune 500 – with the industry’s most comprehensive and innovative portfolio from edge to core to cloud.