EMC Buys Data Domain (DDUP) For $33.50 Per Share, Thus Terminating Deal With NetApp (NTAP)

July 8, 2009 6:04 PM EDT

Data Domain (NASDAQ: DDUP) announced that it has entered into a definitive merger agreement with EMC Corporation (NYSE: EMC). EMC will acquire all of the outstanding shares of Data Domain common stock for $33.50 per share in cash.

Data Domain also announced that it has terminated the previously announced merger agreement with NetApp, Inc. (NASDAQ: NTAP), as revised on June 3, 2009, and has paid NetApp a $57 million termination fee under the terms of that merger agreement.

Data Domain's board of directors has unanimously determined that the definitive merger agreement with EMC and the terms of the EMC tender offer are advisable, fair to and in the best interests of Data Domain and its stockholders, and recommends that Data Domain stockholders tender their Data Domain shares to EMC.

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