EMC tops NetApp's offer for Data Domain

Jake Widman
Wednesday, 03 June 2009 00:37

IT Industry - Strategy

In a letter to Data Domain's president and CEO Frank Slootman, EMC's chairman, president, and CEO Joseph Tucci wrote, "I am pleased to submit to you and your Board of Directors a proposal to acquire Data Domain which is substantially superior to the NetApp proposal. We are highly impressed with your business and your team, and we are confident that a business combination will deliver substantial benefits to your company's stockholders, customers, employees and partners."

Tucci sounded a little hurt that Data Domain ran off with NetApp without even telling EMC: "We are disappointed that we were not given an opportunity to explore a business combination prior to the announcement of your proposed transaction with NetApp, particularly since I believe you should have been aware of our interest."

But he made no bones about EMC's eagerness to "consummate this transaction," writing that the EMC board had unanimously approved the proposal and that it isn't dependent on any financing or due diligence issues.

Tucci promised that Data Domain's senior management team would be kept on to run the company as a product division within EMC.

EMC suggested that the Data Domain board review its proposal and give NetApp five days to come up with a better offer.