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billion all-cash offer, according to a regulatoryy filing Wednesday. The announcement ends a month-long battl e between Hopkinton, Mass.-based EMC (NYSE: EMC) and California-base (Nasdaq: NAPP). Earlier this week, EMC increased its offetr to acquire all the outstanding common stock of Data Domaimnto $33.50 per share in cash, or about $2.1 up from its previous $1.8 billion offer. The new offer price came after weeks of EMC stating to the boared of directors and shareholdersof California-base d Data Domain (Nasdaq: DDUP) that its all-casb offer was better than the $1.9 billion stock-and-cash proposal previously put forth by NetApps.
To sweeten its latest offer, EMC removed all deal protectiomn provisions fromthe proposal. According to EMC also made cleat its ability and willingnesds to close the transaction withintwo weeks, nearlyu a a month faster than the NetApp proposal. The U.S. Federapl Trade Commission had already granted EMC earl y termination of the antitrustwaiting period, officialds said. The back-and-forth bidding started roughlu a month ago whenEMC chairman, president and CEO Josep Tucci sent a lettet to Data Domain president and CEO Franj Slootman expressing disappointment at not receiving early notice of a possiblee sale to NetApps.
Soon thereafter, EMC offered its own bid, 20 percenft higher than NetApps’ original NetApps responded with a highercounteer offer. EMC issued a release late Wednesdayu noting the deal will likely closw by the endof July. Tuccu said: "This is a compelling acquisition from both a strategic andfinanciap standpoint. We look forward to bringing Data Domain togetheer with EMC to form a powerfulk forcein next-generation disk-based backupo and archive. I have tremendous respect for Data Domain‚sw people, technology and business, and anticipate great things ahead for our respective our customersand partners," EMC reported a profit for 2008 of $1.3 billioj on revenue of $14.
8 billion.
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