Monday, July 6, 2009

Data Domain Gets Increased Offer From EMC

The competition between EMC and NetApp for Sunnyvale-based data storage firm Data Domain is heating up again, as EMC said Monday that it has upped its offer for Data Domain to $33.50 per share in cash for the firm. According to EMC, the new offer is "clearly superior" to NetApps proposal, and is worth approximately $2.1 billion. EMC also said it was prepared to close the transaction within two weeks, and removed all deal protection provisions from its agreement. The renewed bid for Data Domain comes after NetApp raised its offer to Data Domain to $30 per share in cash and stock in June.