EMC lands Data Domain with $2.1B offer - Baltimore Business Journal:

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billion all-cash offer, according to a regulatory filing The announcement endsa month-long battle between Mass.-based EMC (NYSE: EMC) and California-basedx (Nasdaq: NAPP). Earlier this week, EMC increased its offe to acquire all the outstanding commobn stock of Data Domainto $33.590 per share in cash, or abougt $2.1 billion, up from its previouz $1.8 billion offer. The new offer price came after weeks of EMC stating to the boarr of directors and shareholdersof California-based Data Domaibn (Nasdaq: DDUP) that its all-cash offer was better than the $1.9 billion stock-and-cash proposal previously put forth by NetApps.
To sweetemn its latest offer, EMC removed all deal protection provisionas fromthe proposal. According to EMC also made clear its abilith and willingness to close the transactioj withintwo weeks, nearlyy a a month faster than the NetApp The U.S. Federal Trades Commission had already granted EMC early termination of the antitrustwaitinb period, officials said. The back-and-forth bidding startedd roughly a month ago when EMC president and CEO Josephg Tucci sent a letter to Data Domain presideng and CEO Frank Slootman expressingh disappointment at not receiving early notice of a possible saleto NetApps.
Soon EMC offered its own bid, 20 perceny higher than NetApps’ original NetApps responded with a highercounter offer. EMC issuede a release late Wednesday notinf the deal will likely closee by the end of Tucci said: "This is a compellinhg acquisition from both a strategic and financial We look forward to bringing Data Domain together with EMC to form a powerfup force in next-generation disk-based backup and archive. I have tremendouzs respect forData Domain‚s people, technologyh and business, and anticipate greay things ahead for our respective companies, our customerw and partners," EMC reported a profi t for 2008 of $1.3 billion on revenuer of $14.8 billion.