EMC Tops NetApp Bid for Data Domain

Data Center Knowledge (Jun 1 2009) Storage

1. A bidding war has erupted in the storage sector, as EMC Corporation (EMC) today offered to acquire deduplication specialist Data Domain (DDUP) for $30 a share in cash, topping last week’s $25 a share takeover offer from NetApp (NTAP). EMC’s all-cash offer values the deal at $1.8 billion, a 20 percent premium to the cash and stock offer made by NetApp. “EMC’s all-cash proposal is superior to the proposed NetApp transaction providing Data Domain stockholders greater value and certainty,” the company said in a statement. “EMC’s proposal is not subject to a financing or due diligence contingency, and the company will use existing cash balances to finance the transaction. EMC is promptly commencing a tender offer for all outstanding Data Domain common stock in order to expedite the timing of this transaction.” “Strategically, this combination will further enhance our ability to broaden EMC’s best-in-class ... (Read Full Article)

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