Data Domain rebuffs EMC bid, votes for NetApp

MUMBAI, INDIA: Data Domain’s announced that its board of directors has voted in favour of the merger with NetApp over EMC.

The BoD has recommended that Data Domain stockholders reject EMC Corporation’s offer to acquire all of outstanding shares of Data Domain common stock, not tender their shares to EMC pursuant to EMC’s offer.

Dan Warmenhoven, chairman and CEO, NetApp, said: “We are very pleased with Data Domain’s recommendation that stockholders continue to support NetApp’s merger proposal over EMC’s unsolicited offer. This announcement reaffirms our belief that the NetApp proposal provides attractive short- and long-term value to Data Domain stockholders with no significant antitrust concerns and a clearer and more timely path to close. We look forward to proceeding with our proposal, bringing the offer to a stockholder vote, and beginning to execute on the promise of this compelling combination."

“Importantly, we believe a combination of NetApp and Data Domain brings significant benefits to customers and employees,” continued Warmenhoven.

“In our merger, we believe customers will benefit from a lower risk of business disruption, continued competition, an enhanced products and services offering, and the ability of the NetApp sales and marketing organization to bring Data Domain’s products to more enterprises in the United States and to more customers in Europe and Asia."

NetApp first announced its definitive agreement to acquire Data Domain on May 20, 2009, and announced its revised acquisition agreement on June 3, 2009.