NetApp, Data Domain Deal Inches Closer

by CXOtoday Staff    Jun 04, 2009

Winning a bidding war with arch rivals EMC, NetApp today said their revised offer of $30 per share has been accepted by the Data Domain board. The total value of the transaction is expected to be around $1.9 billion.

We are pleased with the revised terms of NetApp s acquisition offer and feel it will provide great value to our shareholders and customers, said Frank Slootman, president and CEO of Data Domain.

The deal is anticipated to close in 60-110 days subject to customary closing conditions including regulatory approval.

NetApp first announced its definitive agreement to acquire Data Domain on May 20, 2009.