Storage firm trumps previous EMC bid
vnunet.com, 04 Jun 2009
NetApp has increased its offer for Data Domain by $400m (£247m) in a further attempt to secure the purchase of the data deduplication firm.
NetApp was outbid on its first offer of $1.5bn (£910m) by storage firm EMC, which made a $1.8bn (£1.1bn) all-cash offer on Monday.
Under the revised acquisition agreement, NetApp will hope to acquire Data Domain for $1.9bn (£1.2bn), or $30 (£18.53) a share.
"We are pleased with the revised terms of NetApp's acquisition offer, and feel it will provide great value to our shareholders and customers," said Data Domain chief executive Frank Slootman.
NetApp chief executive Dan Warmenhoven added: "We are excited about this great opportunity for NetApp and Data Domain. The synergies between our two companies will enable us to accelerate growth and market adoption more so than as separate entities."
According to reports, EMC does not intend to raise its stake, bringing the bidding war to an end. However, the company could not immediately confirm this resolution.
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