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06 Jul 2009
EMC has overtaken NetApp in the race for deduplication outfit Data Domain, by upping its bid to $2.1bn (£1.3bn).
The all-cash offer to acquire the firm for $33.50 per share jumps ahead of storage giant NetApp’s $1.9bn (£1.2bn) offer made last month.
EMC also says it is prepared to close the transaction within two weeks, almost a month faster than NetApp.
Further reading
In a letter to Aneel Bhusri, chairman of the board of directors of Data Domain, EMC chief executive Joe Tucci stressed the superiority of EMC's all-cash offer compared to NetApp’s proposed stock and cash offer.
EMC said it is also dropping all deal-protection provisions.
“Data Domain does not have any justification for continuing deal-protection provisions for NetApp or any other party given our willingness to proceed without them," Tucci said.
“It was questionable agreeing to deal protections in your initial agreement with NetApp, when you knew of our interest in acquiring the company. There is no basis for continuing with them now.”
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