Wednesday, July 8, 2009

NetApp Abandons Bid For Data Domain

Sunnyvale-based NetApp has abandoned its bid to acquire Data Domain, saying Wednesday afternoon that it has terminated its offer for Data Domain due to EMC's higher, unsolicited bid for the data storage firm. NetApp said it has received $57M in a break up fee from Data Domain as a result of the termination. EMC had upped its offer for Data Domain to $33.50 per share on Monday, or approximately $2.1 billion, up significantly from NetApp's last offer of $30 per share in cash.