Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

NetApp Declines to Revise Bid for Data Domain; Merger Agreement Terminated

NetApp (NASDAQ: NTAP) today announced that it will not revise its proposal to acquire Data Domain (NASDAQ:DDUP) in the wake of EMC’s higher unsolicited offer, and that NetApp and Data Domain have terminated their merger agreement.
  • 09 July, 2009 10:57

<p>NetApp to Focus on Its Existing Growth Opportunities</p>
<p>Sunnyvale, CA – July 8, 2009 – NetApp (NASDAQ: NTAP) today announced that it will not revise its proposal to acquire Data Domain (NASDAQ:DDUP) 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 US$57 million break-up fee from Data Domain as a result of the termination of the agreement.</p>
<p>“While NetApp’s acquisition of Data Domain would have produced benefits for customers and employees and complemented NetApp’s existing growth trajectory, we remain highly confident in our already compelling strategic plan, market opportunities, and competitive strengths,” said Dan Warmenhoven, NetApp’s chairman and CEO. “NetApp applies a disciplined approach to acquisitions, one focused intently on creating long-term value for our stockholders. We therefore cannot justify engaging in an increasingly expensive and dilutive bidding war that would diminish the deal’s strategic and financial benefits.”</p>
<p>“NetApp has established leadership positions in virtualized infrastructure, storage efficiency, and unified storage, even in these difficult economic times, by helping customers meet their business objectives with less physical storage while reducing costs. That commitment will not change. We look forward to continuing to build on our foundation of innovation and customer service, and to continuing to execute our successful growth strategy.”</p>
<p>Forward-Looking Statements</p>
<p>In addition to historical information, this document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein represent NetApp’s beliefs regarding future events, many of which are, by their nature, inherently uncertain and outside NetApp’s control. Forward-looking statements include, but are not limited to, statements regarding NetApp’s market opportunities and competitive strengths as well as its strategies, plans, and objectives and other statements that are not historical facts.</p>
<p>NetApp cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the adverse global economic and market conditions, risks associated with the anticipated growth in network storage and content delivery markets, NetApp's ability to deliver new product architectures and enterprise service offerings, and other important factors as described in NetApp's reports and documents filed from time to time with the Securities and Exchange Commission. NetApp disclaims any obligation to update and revise the forward-looking statements contained in these materials based on new information or otherwise.</p>
<p>About NetApp</p>
<p>NetApp creates innovative storage and data management solutions that help our customers deliver outstanding cost efficiency and accelerate business breakthroughs. Discover our passion for helping companies around the world go further, faster at www.netapp.com.</p>
<p>For Press Inquiries:</p>
<p>NetApp</p>
<p>E-mail: xdl-uspr@netapp.com</p>
<p>(408) 822-3287</p>
<p>Rachel York</p>
<p>Max Australia</p>
<p>+61 2 9954 3492</p>
<p>rachel.york@maxaustralia.com.au</p>
<p>NetApp, the NetApp logo, and Go further, faster are trademarks or registered trademarks of NetApp, Inc. in the U.S. and other countries. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.</p>

Most Popular

Brand Post

Most Popular Reviews

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?