SHARE

EMC Extends Data Domain Bidding

With the deadline for its offer looming, EMC decided to extend its $30 per share deal to Data Domain until midnight, July 10. It was originally set to expire Monday, June 29. Data Domain (NASDAQ: DDUP) has enjoyed something of a rarity in the tech sector these days: multiple suitors. The firm is the object […]

Written By

AP

Andy Patrizio

Jun 29, 2009

Datamation content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More

With the deadline for its offer looming, EMC decided to extend its $30 per share deal to Data Domain until midnight, July 10. It was originally set to expire Monday, June 29.

Data Domain (NASDAQ: DDUP) has enjoyed something of a rarity in the tech sector these days: multiple suitors. The firm is the object of a bidding war between EMC (NYSE: EMC) and NetApp.

What EMC hopes to achieve is unclear, since Data Domain already rejected the offer on June 15 and said EMC’s offer is not in the best interest of its shareholders and that it prefers a bid from NetApp. Thus far, however, there have been no further statements since the 15th from either Data Domain or NetApp.

EMC is behind the eight ball and not just due to Data Domain’s preference. It only owns a 0.5 percent stake in Data Domain, while NetApp holds 20 percent of the company’s stock.

Data Domain makes data deduplication technology that goes through a storage system and eliminates unnecessary extra copies of files. Companies find it easy to lose track of what they have and wind up with many copies of the same file.

Having multiple revisions of a file and storing them for historical purposes is one thing, but having dozens of copies of the exact same file scattered across a storage system is something else.

It’s a hot topic, one that even PC giant Dell (NASDAQ: DELL) recently got into with its own storage management software that does deduplication scanning. It’s also served to stir up interest in Data Domain.

NetApp started the ball rolling with a bid of $25 per share, or $1.5 billion. EMC then saw their bid and raised them to $30 per share, or $1.8 billion. NetApp then matched the offer. That’s quite a premium for a company with $300 million in sales, even if it is enjoying an enviable 30 percent annual growth rate.

“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,” said Joe Tucci, EMC Chairman, president and CEO in a statement.

“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.”

Article courtesy of InternetNews.com.

Ethics and Artificial Intelligence: Driving Greater Equality

FEATURE | By James Maguire,
December 16, 2020
AI vs. Machine Learning vs. Deep Learning

FEATURE | By Cynthia Harvey,
December 11, 2020
Huawei’s AI Update: Things Are Moving Faster Than We Think

FEATURE | By Rob Enderle,
December 04, 2020
Keeping Machine Learning Algorithms Honest in the ‘Ethics-First’ Era

ARTIFICIAL INTELLIGENCE | By Guest Author,
November 18, 2020
Key Trends in Chatbots and RPA

FEATURE | By Guest Author,
November 10, 2020
Top 10 AIOps Companies

FEATURE | By Samuel Greengard,
November 05, 2020
What is Text Analysis?

ARTIFICIAL INTELLIGENCE | By Guest Author,
November 02, 2020
How Intel’s Work With Autonomous Cars Could Redefine General Purpose AI

ARTIFICIAL INTELLIGENCE | By Rob Enderle,
October 29, 2020
Dell Technologies World: Weaving Together Human And Machine Interaction For AI And Robotics

ARTIFICIAL INTELLIGENCE | By Rob Enderle,
October 23, 2020
The Super Moderator, or How IBM Project Debater Could Save Social Media

FEATURE | By Rob Enderle,
October 16, 2020
Top 10 Chatbot Platforms

FEATURE | By Cynthia Harvey,
October 07, 2020
Finding a Career Path in AI

ARTIFICIAL INTELLIGENCE | By Guest Author,
October 05, 2020
CIOs Discuss the Promise of AI and Data Science

FEATURE | By Guest Author,
September 25, 2020
Microsoft Is Building An AI Product That Could Predict The Future

FEATURE | By Rob Enderle,
September 25, 2020
Top 10 Machine Learning Companies 2021

FEATURE | By Cynthia Harvey,
September 22, 2020
NVIDIA and ARM: Massively Changing The AI Landscape

ARTIFICIAL INTELLIGENCE | By Rob Enderle,
September 18, 2020
Continuous Intelligence: Expert Discussion [Video and Podcast]

ARTIFICIAL INTELLIGENCE | By James Maguire,
September 14, 2020
Artificial Intelligence: Governance and Ethics [Video]

ARTIFICIAL INTELLIGENCE | By James Maguire,
September 13, 2020
IBM Watson At The US Open: Showcasing The Power Of A Mature Enterprise-Class AI

FEATURE | By Rob Enderle,
September 11, 2020
Artificial Intelligence: Perception vs. Reality

FEATURE | By James Maguire,
September 09, 2020

SEE ALL
ARTICLES

AP

Andy Patrizio

Andy Patrizio is a freelance journalist based in southern California who has covered the computer industry for 20 years and has built every x86 PC he’s ever owned, laptops not included.

EMC Extends Data Domain Bidding

Andy Patrizio

Recommended for you...

Company

Categories

EMC Extends Data Domain Bidding

RELATED NEWS AND ANALYSIS

Andy Patrizio

Recommended for you...

Company

Categories