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EMC Corporation has finally overcome rival NetApp and succeeded with its bid to buy data deduplication leader Data Domain at a price of USD $2.1 billion.
The acceptance of the final offer comes after a six-week bidding war and will raise questions about whether EMC overpaid for Data Domain – and what NetApp will do now.
EMC Corporation has extended its all-cash tender offer to purchase all outstanding shares of Data Domain common stock for USD $30 per share.
The move is to provide additional time to satisfy closing conditions, the offering period now expires at 12:00 midnight EDT on July 10, 2009.
The bidding war for Data Domain stepped up this week after NetApp raised the stakes with rival EMC by making a new cash and stock offer of USD $1.9 billion.
This came two days after EMC’s offer of USD $30 per share in a deal worth about USD $1.8 billion – around 20 per cent over the original USD $1.5 billion offered last month by NetApp.