Data Domain has entered into a definitive merger agreement with EMC, as NetApp withdraws from the race.
According to the agreement, EMC will acquire all of the outstanding shares of Data Domain common stock for $33.50 per share in cash.
Data Domain has terminated the previously-announced merger agreement with NetApp and paid 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.
Data Domain is a leading provider of deduplication storage systems, which reduce storage costs and simplify data management.