EMC gives Data Domain more time to mull over offer

EMC has extended its offer for Data Domain in a further attempt to outdo rival bidder NetApp.

The cash offer made by EMC in early June was due to expire tonight but it has extended the offer until midnight on 10 July.

In a statement released today Joe Tucci, EMC’s chief executive, said: “EMC’s $30 (£18) 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.”

“We look forward to the execution of the definitive agreement and closing of the transaction with EMC.”

NetApp made an initial deal with Data Domain for £1.5 billion in a mixture of cash and stocks in May this year but EMC upped the offer to £1.8 billion in cash two weeks later.

This led to a bidding war with NetApp raising its offer once again and EMC holding firm that its proposal was superior.

Data Domain released a statement earlier this month confirming it was considering EMC’s offer but it has not made any comment on this extension.

IT PRO also contacted NetApp but it declined to comment.

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