| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for EMC Corp. > News item |
EMC believes latest offer for Data Domain is superior to NetApp deal
By Lisa Kerner
Charlotte, N.C., July 6 - EMC Corp. upped its offer for Data Domain, Inc. to $33.50 per share in cash from $30.00 and extended its tender offer for the company's shares to midnight ET on July 17 from July 2, it was announced on Monday.
Approximately 195,353 shares of Data Domain common stock, representing approximately 0.32% of the common stock outstanding, had been tendered as of 5 p.m. ET on July 2, according to an EMC news release.
EMC chairman, president and chief executive officer Joe Tucci said the latest offer is superior to NetApp, Inc.'s stock-and-cash offer for Data Domain, which is valued at $30.00 per share.
According to EMC, it is ready to close the transaction within two weeks, about a month sooner than anticipated under the NetApp proposal.
In addition, EMC said its proposal is not subject to any financing, due diligence or regulatory contingency.
"Over the past several weeks we've received strong support from many Data Domain stockholders and customers, validating our belief that EMC is Data Domain's best choice," Tucci said in the release.
Data Domain was asked by EMC to eliminate "all deal protection provisions that could further impede maximizing stockholder value."
As previously reported, Data Domain recommended against EMC's prior $30.00-per-share cash tender offer in favor of a deal with NetApp, a Sunnyvale, Calif.-based data storage company.
Under the agreement with NetApp, Data Domain stockholders have the right to receive a cash amount of $16.45 plus shares of NetApp common stock equal to an exchange ratio for each Data Domain share.
EMC, located in Hopkinton, Mass., develops and supports information infrastructure technology and solutions.
Data Domain provides deduplication storage appliances for disk-based backup, archiving and network-based disaster recovery. The company is located in Santa Clara, Calif.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.