A few weeks ago, EMC’s offer for Iomega looked a bit like the Microhoo game on a much smaller level. But it turns out that Iomega wanted to play just a little and turned out to be an easy catch for EMC. EMC today said that it agreed to acquire the company for $3.85 in cash per outstanding share, which translates into a purchase price of about $213 million. EMC’s original bid was $3.25 per share, which was rejected by Iomega. At $3.75, Iomega agreed to go into negotiations.

EMC said that it will use Iomega’s product line and brand name to expand its reach into the "rapidly-growing" consumer and small business markets.

"Iomega will play a key role in EMC’s strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets. In addition to industry-leading products and a household consumer brand, Iomega brings to EMC a deep knowledge of and established business practices for servicing consumers and small businesses.," said EMC chairman, president and CEO Joe Tucci.