Mergers and Acquistions News
Categories: Media & Information Services
June 2nd 2009, 15:03PM
Information infrastructure firm EMC has proposed the acquisition of all of Data Domain's outstanding common stock in a deal with an estimated value of $1.8 billion (£1.09 billion).
EMC has offered to pay $30 per share in cash to the data storage systems firm Data Domain, representing a 20 per cent premium compared to the cash and stock offer made by NetApp in May.
Joe Tucci, chairman, president and chief executive officer of EMC, said the proposal is "win-win for both companies" and will accelerate EMC's top and bottom-line growth rates.
"The combination of EMC and Data Domain technologies will strengthen EMC's leadership in the fast-growing and very important next-generation disk-based backup and archive market," he added.
NetApp's offer, made on May 20th, proposed the acquisition of all outstanding shares of Data Domain's common stock in return for $25 per share in cash and stock, in a transaction valued at approximately $1.5 billion (£908 million).
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