EMC said today that its US$1.8bn all-cash offer to buy Data Domain is superior to rival data-storage player NetApp’s part-stock offer.
EMC yesterday increased its offer to US$30 per share for Data Domain, which it will pay for from its vast bank balance.
“EMC’s all-cash tender offer remains superior to NetApp’s proposed part-stock merger transaction,” said EMC chief executive, Joe Tucci.
“We are proceeding with our superior cash-tender offer, which is not subject to any financing or due diligence contingency. We do not believe that the Data Domain stockholders will approve the merger transaction with NetApp.
“EMC urges the board of directors of Data Domain to not take any actions that would further impede a transaction that is a superior alternative for Data Domain’s shareholders,” he added.
EMC employs 1,600 people in Cork on a multifunctional campus in Ovens. The company last year marked its 20th anniversary in Ireland with a €20m investment in an R&D centre.
By John Kennedy
Pictured: EMC chief executive, Joe Tucci
