HOPKINTON, Mass. - June 03, 2009 -
EMC Corporation (NYSE: EMC),the world leader in informationinfrastructure solutions, today stated that its all-cash offer to acquire all of the outstanding common stock of Data Domain, Inc. (NASDAQ: DDUP) for $30.00 per share is superior to the part-stock counter offer for Data Domain made by NetApp today.
Joe Tucci, EMC Chairman, President and CEO, said, “EMC’s all-cash tender offer remains superior to NetApp’s proposed part-stock merger transaction. We are proceeding with our superior cash tender offer, which is not subject to any financing or due diligence contingency. We do not believe that the Data Domain stockholders will approve the merger transaction with NetApp.”
Tucci added, “EMC urges the Board of Directors of Data Domain to not take any actions that would further impede a transaction that is a superior alternative for Data Domain’s shareholders.”
EMC will use existing cash balances to finance the transaction.
EMC has made this offer to acquire Data Domain for its fast-growing revenue base, its strong data protection-focused management team and sales force and its highly complementary storage software technology that will help to accelerate both companies’ ability to deliver industry-leading next-generation disk-based backup and archiving solutions for customers.
Yesterday EMC commenced its tender offer for all outstanding Data Domain common stock in order to expedite the timing of this transaction. The tender offer will expire at 12:00 midnight, New York City time, on Monday, June 29, 2009, unless extended. EMC also filed a Notification and Report Form with respect to its tender offer with the Antitrust Division of the Department of Justice and the Federal Trade Commission yesterday.
Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions. Dell EMC services customers across 180 countries – including 98 percent of the Fortune 500 – with the industry’s most comprehensive and innovative portfolio from edge to core to cloud.