HOPKINTON, Mass. - June 15, 2009 -
EMC Corporation (NYSE: EMC),the world leader in informationinfrastructure solutions, today reiterated that its all-cash offer to acquire all outstanding common stock of Data Domain, Inc. (NASDAQ: DDUP) for $30.00 per share is superior to the NetApp part-stock counter offer.
Joe Tucci, EMC Chairman, President and CEO, said, “We believe that EMC’s $30 all-cash offer is superior and delivers to Data Domain price certainty and price protection as well as the ability to close promptly. We note that, as indicated in NetApp’s June 3rd Form S-4 filing, Data Domain communicated to NetApp that ‘price certainty and protection against fluctuations [in] NetApp’s common stock were important to Data Domain.’ We also note that on several occasions, Data Domain requested NetApp to increase the cash portion of its offer as well as the range of the collar.
Tucci added, “EMC’s all-cash offer meets all of Data Domain’s stated objectives. We do not believe that Data Domain stockholders will approve the proposed transaction with NetApp. EMC remains committed to successfully completing this transaction. ”
As previously disclosed, EMC will use existing cash balances to finance the transaction.
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.