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NetApp makes revised offer to acquire Data Domain

Under the terms of the proposal, a copy of which is attached, NetApp will acquire all of the outstanding shares of Data Domain common stock for $30 per share in cash and stock in a transaction valued at approximately $1.9B, net of Data Domain’s cash, subject to certain adjustments.

“Our strategic rationale remains the same and we firmly believe that the combination of our two companies will provide a greater opportunity and risk-adjusted value for Data Domain shareholders, customers, and partners,” said Dan Warmenhoven, chairman and CEO of NetApp. “The complementary nature of the Data Domain and NetApp product lines will result in higher aggregate growth compared to the redundancies that would result with the EMC product line.”

The Data Domain portfolio provides NetApp a complementary offering to expand its reach in the market for heterogeneous disk-based backup. The Data Domain acquisition will increase NetApp’s ability to capitalize on the growth of disk-based backup adoption, a trend accelerated by the economics of deduplication.

NetApp’s offer for Data Domain is also superior to EMC’s previously announced, unsolicited proposal, as it offers a combination of value certainty and the opportunity for Data Domain shareholders to participate in the future success of the combined NetApp and Data Domain entity.

Warmenhoven added, “The cultural compatibility between Data Domain and NetApp will maximize the potential for continued innovation from a creative and motivated employee base. This will not only create a meaningful choice for our customers but also lead to a complementary combination with no obstacles to an expeditious close of the acquisition. Therefore, we are as committed to this partnership now as we were when we first announced our intent to acquire Data Domain.”

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

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