EMC "pleads guilty" to overpayment in RSA acquisition

Friday, 23 March 2007, 11:14 AM EST

EMC CEO Joe Tucci today said he pleads guilty to "some overpayment" in the company's $US2.1 billion acquisition of RSA Security last year. In a frank and open dialogue with media in Sydney today, Tucci said he "probably" paid too much for RSA but as far as acquisitions go there is always some sort of premium paid.

"It's [RSA Security] market value at the time was around $1.6 billion and we paid $500 million more than that but it was a very competitive bidding process which came down to us and one other party," he said while not disclosing the other party.

At Computerworld.

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