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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Data Domain accepts NetApp takeover bid AFP - Thursday, June 4 WASHINGTON (AFP) - - Data storage firm Data Domain agreed on Wednesday to a 1.9-billion-dollar takeover offer from data management company NetApp, rejecting a rival bid by computer storage giant EMC Corp. ADVERTISEMENT NetApp and Data Domain, in a statement, said they had entered into an acquisition agreement under which NetApp would acquire all of the outstanding shares of Data Domain common stock for 30 dollars per share in cash and stock. The joint announcement came just hours after NetApp revised its May 20 offer of 25 dollars per share for Data Domain to 30 dollars per share. The revised NetApp offer came two days after EMC offered 1.8 billion dollars for Data Domain in an all-cash deal. "We are pleased with the revised terms of NetApps acquisition offer and feel it will provide great value to our shareholders and customers," Data Domain president and chief executive Frank Slootman said. "We are excited about this great opportunity for NetApp and Data Domain," NetApp chairman and chief executive Dan Warmenhoven said. "The synergies between our two companies will enable us to accelerate growth and market adoption more so than as separate entities. This partnership will create meaningful benefits for our global customers." The companies said the board of directors of Data Domain had unanimously approved the agreement and the deal is expected to close within 60 to 110 days pending regulatory approval. EMC said it believed its offer was better than that of NetApp and would remain on the table until June 29. "EMC's all-cash tender offer remains superior to NetApp's proposed part-stock merger transaction," EMC chairman, president and chief executive Joe Tucci said in a statement. "We are proceeding with our superior cash tender offer," he said. "We do not believe that the Data Domain stockholders will approve the merger transaction with NetApp." The Santa Clara, California-based Data Domain was founded in 2001 and employs 800 people. With annual revenue of 14.56 billion dollars and 33,000 employees, EMC is the world's leading information management and storage company. The Sunnyvale, California-based NetApp is considerably smaller than EMC, with annual revenue of 3.54 billion dollars. NetApp shares were trading 1.18 percent higher at 18.79 dollars in after-hours electronic trading in New York while Data Domain was down 0.43 percent to 32.40 dollars. EMC was unchanged at 12.48 dollars. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Technology Data Domain accepts NetApp takeover bidAFP - Thursday, June 4 Google launches search tool 'Google Squared'AFP - Thursday, June 4 Google tool tracks flu in Australia, New ZealandAFP - Thursday, June 4 DirecTV exec named News Corp. deputy chairmanAFP - Thursday, June 4 Justice probing tech company recruiting: WashPostAFP - Thursday, June 4 Enlarge Photo Data storage firm Data Domain agreed on Wednesday to a 1.9-billion-dollar takeover offer from data management company NetApp, rejecting a rival bid by computer storage giant EMC Corp. Most Popular – Technology Viewed Pandemic warnings as swine flu spreads to Africa World 'getting closer' to swine flu pandemic: WHO Prince Charles defuses Franco-British D-Day dispute Last Titanic survivor dies in England Talent judge defends singing sensation Boyle View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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