In its battle with NetApp to acquire Data Domain, EMC has upped the stakes with a $2,4-billion, or $33.50 per share, cash offer and says it is prepared to close the transaction within two weeks.

The total value of the deal would be $2,1-billion, net of the $277,8-million cash Data Domain currently has on its balance sheet.
In a letter to Aneel Bhusri, chairman of Data Domain, Joe Tucci, EMC chairman, president and CEO, emphasised the superiority of the company's all-cash offer compared to NetApp's proposed stock and cash offer.
Tucci also pointed out that:

* EMC’s proposal provides higher absolute value for each Data Domain share.
* EMC’s all-cash proposal offers greater certainty of value to Data Domain stockholders.
* EMC’s proposal offers a faster time to completion by almost a month than under the NetApp proposal.
Additionally, he says, EMC’s definitive agreement has removed all deal protection provisions – including any break-up fee obligation – that could further impede the maximisation of stockholder value for Data Domain stockholders.  The letter from Tucci urges Data Domain’s board to pledge to do the same in order to maximise value for Data Domain stockholders.  The letter states EMC’s view that, “Data Domain does not have any justification for continuing deal protection provisions for NetApp or any other party given our willingness to proceed without them,” and that, “It was questionable agreeing to deal protections in your initial agreement with NetApp, when you knew of our interest in acquiring the company.  There is no basis for continuing with them now.”
EMC’s proposal is not subject to any financing, due diligence or regulatory contingency.  EMC will use existing cash balances to finance the transaction.
“The combination of EMC and Data Domain is strategically beneficial to both organizations and, when consummated, will deliver substantial and superior benefits to Data Domain stockholders as well as our respective customers, employees and partners," Tucci says. "Over the past several weeks we’ve received strong support from many Data Domain stockholders and customers, validating our belief that EMC is Data Domain’s best choice. With regulatory requirements now fulfilled, and in light of the clearly superior proposal we submitted to Data Domain’s Board of Directors today, we expect Data Domain to sign our definitive agreement that will deliver superior value in cash to the Data Domain stockholders in as little as two weeks.”
Data Domain's share price jumped 2,3% to $33.97 on the Nasdaq on news of the revised offer.