July 6, 2009
EMC Offers Data Domain $2.1B
By Matthew L. Brown
EMC Corp. has increased its bid for California-based Data Domain Inc. by more than 11 percent to $33.50 per share.
The Hopkinton data storage giant's offer for the company now stands at $2.1 billion. It has been battling for possession of Data Domain with NetApp, a Sunnyvale, Calif. company that reached an agreement to purchase Data Domain for $25 per share in early spring.
When EMC offered $30 per share, NetApp matched that price.
EMC is offering to acquire Data Domain in an all-cash deal. NetApp's arrangement offers a mix of cash and company stock. EMC said it could close a deal for Data Domain within two weeks. The company also removed all deal protection provisions, such as break-up fees, from its offer.
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