EMC May Raise DDUP Bid
Wade Roush6/15/09
Hopkinton, MA-based EMC (NYSE: EMC) is prepared to raise its bid for Santa Clara, CA-based Data Domain (NASDAQ: DDUP) from $30 per share to as much as $35 in order to outbid rival NetApp (NASDAQ: NTAP), Reuters reported on Friday, citing unnamed sources. The board of Data Domain, whose software is used to reduce storage requirements by eliminating redundant data, has already accepted NetApp’s $30 per share offer (sweetened from $25 after EMC’s surprise bid), but has said it will review EMC’s $30 counteroffer. It’s expected to issue a recommendation to shareholders tomorrow. A higher offer could force NetApp to respond, or could put pressure on board members to accept EMC’s bid.
Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.
