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EMC extends cash offer for Data Domain despite offer from NetApp
By Lisa Kerner
Charlotte, N.C., June 26 - EMC Corp. extended its cash tender offer for Data Domain, Inc. to midnight ET on Thursday from midnight ET on Monday.
According to EMC, the extension provides additional time to satisfy closing conditions.
Approximately 174,645 shares of Data Domain common stock, or approximately 0.28% of the common stock outstanding, had been tendered as of 3:30 p.m. ET on Friday, an EMC news release said.
As previously reported, Data Domain recommended that its stockholders not tender their shares in EMC's $30.00-per-share cash tender offer.
Data Domain's board of directors urged stockholders to vote in favor of the revised merger agreement with NetApp, Inc. in which NetApp will acquire Data Domain in a cash-and-stock transaction valued at $30.00 per share, or approximately $1.9 billion net of Data Domain's cash.
Under the agreement, Data Domain stockholders have the right to receive a cash amount of $16.45 plus shares of NetApp common stock equal to an exchange ratio for each Data Domain share.
"EMC's $30 per share all-cash offer remains superior to NetApp's stock and cash offer and, very importantly, delivers to Data Domain stockholders the price certainty and price protection its management team and board stated as important priorities during their negotiations with NetApp," EMC chairman, president and chief executive officer Joe Tucci said in a company news release.
EMC, located in Hopkinton, Mass., develops and supports information infrastructure technology and solutions.
Data Domain provides deduplication storage appliances for disk-based backup, archiving and network-based disaster recovery. The company is located in Santa Clara, Calif.
NetApp is a Sunnyvale, Calif.-based data storage company.
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