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Home > News > International News
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EMC Extends Offer to Acquire Data Domain

By ChannelTimes Staff
International Desk, Jun 29, 2009 1231 hrs IST

EMC Corporation has extended its all-cash tender offer to purchase all outstanding shares of Data Domain. To provide additional time to satisfy closing conditions, the offering period has now been extended to July 10, 2009. The initial offering period, which began on June 2, 2009, was previously scheduled to expire on June 29, 2009.

Joe Tucci, Chairman, President and CEO, EMC, said, "EMC's $30 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 continue to anticipate a routine review by the FTC resulting in a timely regulatory approval. We look forward to the execution of the definitive agreement and closing of the transaction with EMC."

The tender offer is being transacted through Envoy Merger Corporation, a wholly owned subsidiary of EMC formed for the purpose of making the offer.

 

Dear Friends,

ChannelTimes.com is coming up with an interactive column - Ask an Expert. This initiative is our endeavor to help you address woes and issues in the shortest possible time from our panel of experts.

We'll shortly reveal the names of panel members. Queries can be sent on kapil.mudholkar@utvnet.com

What do you think of EMC's move?

     
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