Data Domain accepts EMC takeover bid
AFP
NEW YORK - Data storage firm Data Domain agreed on Wednesday to a 2.1-billion-dollar takeover offer from computer storage giant EMC Corp, rejecting a rival bid by data management company NetApp.
EMC on Monday increased its all-cash offer to acquire Data Domain to 33.50 dollars per share from the previous 30 dollars per share in a bid to top the NetApp offer.
The Santa Clara, California-based Data Domain was founded in 2001 and employs 800 people.
With annual revenue of 14.56 billion dollars and 33,000 employees, EMC is the world's leading information management and storage company.
The Sunnyvale, California-based NetApp is considerably smaller than EMC, with annual revenue of 3.54 billion dollars.
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