Data Domain Gets $1.8 Billion Offer From EMC
Santa Clara-based Data Domain is the target of a $1.8 billion acquisition offer from data storage giant EMC. EMC said Monday it will offer $30 per share in cash for Data Domain, which is in the process of being acquired by Sunnyvale-based NetApp. According to EMC, it believes its offer is "superior" to NetApp's proposed $1.5 billion offering price for Data Domain, and is 20% better than the cash and stock offer NetApp made for Data Domain on May 20th. In a letter from EMC to Data Domain's President and CEO Frank Slootman, EMC said it was "disappointed" that the firm did not give EMC an opportunity to "expore a business combination" with the firm before accepting the proposal from NetApp.
posted on Monday, June 1, 2009
Related companies:
Data & Audio-Visual Enterprises Wireless Inc.
Related stories:
> NetApp Bumps Offer For Data Domain
> NetApp Abandons Bid For Data Domain
> Data Domain Gets Increased Offer From EMC
> NetApp Buys Data Domain For $1.5 B
> Greylock Adds Data Domain's Slootman As Partner
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