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EMC offers $1.8 billion for Data Domain

Mon Jun 1, 2009 4:48 PM EDT
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Associated Press
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HOPKINTON — Data storage company EMC Corp. is offering $30 per share, or $1.8 billion, for Data Domain Inc., one-upping a rival bid for the backup system provider from rival NetApp Inc.

EMC's all-cash offer represents a 20 percent premium over the $25 per share cash and stock bid made by Sunnyvale, Calif.-based NetApp on May 20.

EMC, based in Hopkinton, Mass., says a deal would help broaden its range of storage products and grow revenue and profits.

In a statement Monday, EMC Chief Executive Joe Tucci said, "Our substantially superior proposal is a win-win for both companies."

Santa Clara, Calif.-based Data Domain saw shares soar $4.15, or 15.8 percent, to $30.50 in after-hours trading, having closed earlier up 3.5 percent at $26.35.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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