Storage Informer
Storage Informer

EMC Increases Its All-Cash Offer to Acquire Data Domain to $33.50 Per Share

by on Jul.05, 2009, under Storage

EMC Increases Its All-Cash Offer to Acquire Data Domain to $33.50 Per Share

EMC logo EMC Increases Its All-Cash Offer to Acquire Data Domain to $33.50 Per Share

EMC Corporation [NYSE: EMC] today announced that it has increased its offer to acquire all the outstanding common stock of Data Domain, Inc. [NASDAQ: DDUP] to $33.50 per share in cash, for a total enterprise value of approximately $2.1 billion, net of Data Domain¡¦s cash. In submitting its revised proposal to Data Domain¡¦s Board of Directors, EMC emphasized that its all-cash offer is clearly superior to the $30 per share stock-and-cash proposal from NetApp. EMC has removed from its definitive agreement all deal protection provisions that could further impede the maximization of stockholder value for Data Domain stockholders, and urged the Data Domain Board to do the same. EMC is prepared to close the transaction within two weeks, which is almost a month faster than the NetApp proposal.

EMC Corporation [NYSE: EMC] today announced that it has increased its offer to acquire all the outstanding common stock of Data Domain, Inc. [NASDAQ: DDUP] to $33.50 per share in cash, for a total enterprise value of approximately $2.1 billion, net of Data Domain¡¦s cash. In submitting its revised proposal to Data Domain¡¦s Board of Directors, EMC emphasized that its all-cash offer is clearly superior to the $30 per share stock-and-cash proposal from NetApp. EMC has removed from its definitive agreement all deal protection provisions that could further impede the maximization of stockholder value for Data Domain stockholders, and urged the Data Domain Board to do the same. EMC is prepared to close the transaction within two weeks, which is almost a month faster than the NetApp proposal.
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