EMC has long claimed that its bid for Data Domain is clearly superior to NetApp’s, and today NetApp finally agreed. After market close Wednesday afternoon, NetApp said it has terminated its merger agreement with Data Domain, giving the data storage technology vendor leave to accept EMC’s unsolicited takeover bid–at $33.50 a share cash, an 11 percent premium over its own.
NetApp has cleared all necessary U.S. regulatory hurdles to proceed with its acquisition of Data Domain, though it seems unlikely that the company will prevail now that rival EMC has trumped its bid for the storage vendor.
What part of “No” does EMC not understand? On Monday the company once again said its bid for data storage equipment maker Data Domain is “superior” to a competing offer from NetApp. This, despite the fact that Data Domain earlier in the day issued a statement recommending that shareholders reject EMC’s $30-a-share cash bid.
Thought the showdown over Data Domain was over already? Think again. Wednesday afternoon NetApp said Data Domain had accepted its offer of $30 a share in cash and stock over an identical all-cash bid from EMC.
EMC’s surprise bid for Data Domain has sparked a bidding war of sorts with its storage rival NetApp. I say “of sorts” because this morning NetApp raised its offer for Data Domain to $30 a share from $25 to match, but not exceed, EMC’s bid.
Data Domain shareholders are celebrating today. After market close Monday, EMC made a $1.8 billion bid for the backup and disaster data recovery systems company, trumping the $1.5 billion NetApp offered for it in late May.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
While the technology behind the Telephone is new, the design is reassuringly old-fashioned, reminiscent of a phrenologist’s horn or ear-candle in form. We found the experience far more comfortable than the one we had with the Telegraph.
12:58 AM: Breakfast: Two schools of fish from Tokyo Bay. Calories: 782,000. How I was feeling when I ate this: confused, irradiated, hating my size.
11:37 AM: Exercise: “Taxi Stomp” (alternating legs, for 30 blocks). Calories burned: 148,900,183.
1983. The Beatles announce their first tour in thirteen years, but likewise announce that Michael Jackson will be going on tour with them as a one gigantic mega-concert event.
Best video mashup ever.
A Facebook Memorial
Wow.
Worth it for the Rickrolling photo alone.
Excellent.
Flughumor!
… you vacuous, toffee-nosed, malodorous perverts
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