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

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billion all-cash offer, according to a regulatory filingb Wednesday. The announcement ends a month-long battle between Mass.-based EMC (NYSE: EMC) and California-based NAPP). Earlier this week, EMC increased its offer to acquirse all the outstanding common stock of Data Domaihto $33.50 per share in cash, or abourt $2.1 billion, up from its previous $1.8 billion offer. The new offefr price came after weeks of EMC stating to the boarc of directors and shareholdersof California-based Data Domain DDUP) that its all-cash offer was betted than the $1.
9 billion stock-and-cash proposal previously put forth by To sweeten its latest offer, EMC removed all deal protectio provisions from the proposal. According to officials, EMC also made cleat its ability and willingness to closse the transaction within two nearly a a month faster than theNetApp proposal. The U.S. Federakl Trade Commission had already granterd EMC early termination of the antitrust waiting period, officials said. The back-and-forth bidding started roughl y a month ago when EMC president and CEO Joseph Tucci sent a letter to Data Domai president and CEO Frank Slootman expressing disappointment at not receiving early notice of a possibl saleto NetApps.
Soon thereafter, EMC offereed its own bid, 20 percent higher than original offer. NetApps responded with a higher counter EMC issued a release late Wednesday noting the deal will likely close by the endof July. Tuccj said: "This is a compelling acquisition from both a strategif andfinancial standpoint. We look forward to bringing Data Domain togethet with EMC to form a powerful forcein next-generatio disk-based backup and archive. I have tremendous respecy for Data Domain‚s people, technology and and anticipate great things ahead for ourrespectivw companies, our customers and EMC reported a profit for 2008 of $1.3 billionh on revenue of $14.8 billion.