EMC has come in with a $30 per share offer for Data Domain adding $300 million to the $1.5 billion price tag put on the company by storage rival NetApp.
EMC said its all cash proposal was superior to the proposed NetApp transaction providing Data Domain stockholders greater value and certainty.
EMC's proposal is not subject to a financing or due diligence contingency, and the company will use existing cash balances to finance the transaction, the company said.
EMC is promptly commencing a tender offer for all outstanding Data Domain common stock in order to expedite the timing of this transaction and the proposal was unanimously approved by the EMC Board of Directors.
Joe Tucci, EMC Chairman, President and CEO, said, \"Strategically, this combination will further enhance our ability to broaden EMC's best-in-class storage portfolio for the benefit of EMC and Data Domain customers and this, in turn, will accelerate EMC's top-and bottom-line growth rates. Our substantially superior proposal is a win-win for both companies.\"
NetApp made its original offer on May 20th.