Key Developments For Data Domain, Inc.
Data Domain, Inc. Delists From NASDAQ-Stock Exchange
The Stock Exchange reported that Data Domain, Inc. has been delisted from NASDAQ.
EMC Corporation Completes Tender Offer For Data Domain, Inc.
EMC Corporation announced the completion of its tender offer for all outstanding shares of common stock of Data Domain, Inc. The tender offer expired at 12:00 midnight, Eastern Daylight Time (EDT), on July 22, 2009. Data Domain stockholders tendered a total of approximately 59,268,746 shares of Data Domain common stock in the offer, representing approximately 90.3% of the outstanding Data Domain shares. Together with the 3.9% of outstanding Data Domain shares previously held by EMC, EMC now controls approximately 94.2% of Data Domain shares outstanding. EMC has accepted for payment all shares tendered in the offer. EMC expects to effect a second-step merger and complete its acquisition of Data Domain today. All remaining outstanding Data Domain shares, other than those held by Data Domain, EMC or their respective subsidiaries and stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $33.50 per share in cash. Following the merger, Data Domain common stock will cease to be traded on The NASDAQ Global Select Market.
EMC Corporation Acquires Majority Ownership of Data Domain, Inc.
EMC Corporation announced that it has acquired majority ownership of Data Domain, Inc. The acquisition of Data Domain is expected to complete by the end of July. Data Domain will become the foundation of a new product division within EMC's storage business focused on the development and delivery of disk based backup, recovery and archive solutions. The initial offering period of EMC's tender offer to purchase all of the outstanding shares of Data Domain common stock expired at 12:00 midnight, Eastern Daylight Time (EDT), on July 17, 2009. EMC has accepted for payment the approximately 50,947,657 shares tendered in the offer. EMC also announced a subsequent offering period commencing on July 20, 2009 and expiring at 12:00 midnight EDT, on July 22, 2009, unless further extended. The subsequent offering period will permit all stockholders who did not tender shares in the initial offering period to obtain the $33.50 per share offer price for their shares prior to consummation of the second step merger. EMC expects to complete the second step merger and close the acquisition shortly after expiration of the subsequent offering period so long as EMC controls 90% or more of the outstanding Data Domain shares at such time.
Data Domain, Inc. Agrees to be Acquired by EMC Corporation for $33.50 per share, Terminates Merger Agreement with NetApp Inc.
Data Domain, Inc. announced that it has entered into a definitive merger agreement with EMC Corporation providing for the acquisition of Data Domain by EMC. Pursuant to the definitive merger agreement with EMC and consistent with the tender offer previously commenced by EMC, EMC will acquire all of the outstanding shares of Data Domain common stock for $33.50 per share in cash. Data Domain also announced that it has terminated the previously announced merger agreement with NetApp Inc., as revised on June 3, 2009, and has paid NetApp a $57 million termination fee under the terms of that merger agreement. Data Domain has also cancelled its special meeting of stockholders scheduled for August 14, 2009, at which stockholders were to consider the NetApp merger. Data Domain`s board of directors has unanimously determined that the definitive merger agreement with EMC and the terms of the EMC tender offer are advisable, fair to and in the best interests of Data Domain and its stockholders, and recommends that Data Domain stockholders tender their Data Domain shares to EMC. The EMC tender offer commenced on June 2, 2009, and is currently scheduled to expire at 12:00 midnight, New York City time on July 17, 2009, subject to extension by EMC.
NetApp Inc. Declines To Revise Bid For Data Domain, Inc.; Merger Agreement Terminated
NetApp Inc. announced that it will not revise its proposal to acquire Data Domain, Inc. in the wake of EMC's higher unsolicited offer, and that NetApp and Data Domain have terminated their merger agreement. NetApp confirmed that it has received a $57 million break-up fee from Data Domain as a result of the termination of the agreement.
