EMC counters NetApp bid for Data Domain

Jun 01, 2009
US computer storage giant EMC Corp. offered 1.8 billion dollars on Monday for Data Domain in a bid to counter a rival offer for the data storage company from NetApp.

US computer storage giant EMC Corp. offered 1.8 billion dollars on Monday for Data Domain in a bid to counter a rival offer for the data storage company from NetApp.

EMC, in a statement, said it was prepared to offer 30 dollars per share in cash for Data Domain, which NetApp offered to buy on May 20 for 1.5 billion dollars or 25 dollars per share in a cash and stock deal.

"EMC's all-cash proposal is superior to the proposed NetApp transaction providing Data Domain stockholders greater value and certainty," EMC said.

"EMC's all-cash offer represents a 20 percent premium to the cash and stock offer made by NetApp," it said.

The Massachusetts-based EMC said the acquisition of Data Domain would improve its ability to "deliver industry-leading next-generation disk-based backup and archiving solutions for customers."

The Santa Clara, California-based Data Domain was founded in 2001 and employs 800 people.

EMC is the world's leading information management and storage company.

NetApp specializes in data management and computer storage.

Data Domain shares rose by 16.51 percent to 30.70 dollars in after-hours trading in New York while EMC was down 1.77 percent at 12.20 dollars and gained 1.50 percent to 21.00 dollars.

(c) 2009 AFP

Explore further: Facebook buys fitness app Moves

add to favorites email to friend print save as pdf

Related Stories

NetApp to buy Data Domain in $1.5 billion deal

May 21, 2009

(AP) -- Data storage company NetApp Inc. said Wednesday it agreed to buy data backup and disaster recovery systems provider Data Domain Inc. for $25 per share in cash and stock, or about $1.5 billion.

US files complaint against EMC

Mar 03, 2009

The US Justice Department announced that it has filed a complaint against EMC Corp. over contracts the information management and storage giant secured with the US government.

Software giant Oracle buys Java whizz Sun

Apr 20, 2009

Business software giant Oracle announced Monday it was buying Sun Microsystems and its Java programming language for 7.4 billion dollars after IBM abandoned its bid for the struggling tech company.

Onaro's Storage Software Gets Support from NetApp

Apr 05, 2007

Onaro's SAN screen storage management software will now support NetApp fabric-attached storage systems, helping users manage different storage devices that support various applications.

Deduplication Means Efficiency

Apr 14, 2007

EMC brought deduplication to the attention of the IT world with its $165 million acquisition of startup Avamar Technologies in November 2006. Officials with the Hopkinton, Mass., company said this technology was one of the ...

Recommended for you

Amazon launches grocery service for Prime members

7 hours ago

Amazon is taking aim at grocery stores and discounters like Wal-Mart with a grocery service that lets its Prime loyalty club members fill up to a 45-pound box with groceries and get it shipped for a flat rate of $5.99.

Facebook buys fitness app Moves

10 hours ago

Facebook has bought the fitness app Moves, which helps users monitor daily physical activity and their calorie counts on a smartphone.

User comments : 0

More news stories

Genetic code of the deadly tsetse fly unraveled

Mining the genome of the disease-transmitting tsetse fly, researchers have revealed the genetic adaptions that allow it to have such unique biology and transmit disease to both humans and animals.

Ocean microbes display remarkable genetic diversity

The smallest, most abundant marine microbe, Prochlorococcus, is a photosynthetic bacteria species essential to the marine ecosystem. An estimated billion billion billion of the single-cell creatures live i ...