Monday, June 1, 2009

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.