EMC Offering $2.1 Billion For Data Domain, Outbidding NetApp
Someone just buy Data Domain already! First EMC was looking to buy DataDomain and then NetApp quickly made a bid to buy the company first at a price of $1.5 billion. And then EMC offered $1.8 billion in cash. NetApp matched the $1.8 billion offer and DataDomain decided to go with that offer.
EMC has come up with another offer, $33.50 per share based on 62.9 million shares outstanding in cash amounting to $2.1 billion. EMC would also remove a breakup fee from its offer for Data Domain and was prepared to complete a deal within the next two weeks.
Last month EMC even created a full page ad in The San Jose Mercury Times in an attempt to persuade Data Domain employees that they would be better off under the EMC umbrella instead of NetApp.
[via DealBook]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry