NetApp Declines to Revise Bid for Data Domain; Merger Agreement Terminated
08 Julho 2009 - 5:05PM
Marketwired
NetApp (NASDAQ: NTAP) today announced that it will not revise its
proposal to acquire Data Domain (NASDAQ: DDUP) in the wake of EMC's
higher unsolicited offer, and that NetApp and Data Domain have
terminated their merger agreement. NetApp confirmed that it has
received a $57 million break-up fee from Data Domain as a result of
the termination of the agreement.
"While NetApp's acquisition of Data Domain would have produced
benefits for customers and employees and complemented NetApp's
existing growth trajectory, we remain highly confident in our
already compelling strategic plan, market opportunities, and
competitive strengths," said Dan Warmenhoven, NetApp's chairman and
CEO. "NetApp applies a disciplined approach to acquisitions, one
focused intently on creating long-term value for our stockholders.
We therefore cannot justify engaging in an increasingly expensive
and dilutive bidding war that would diminish the deal's strategic
and financial benefits."
"NetApp has established leadership positions in virtualized
infrastructure, storage efficiency, and unified storage, even in
these difficult economic times, by helping customers meet their
business objectives with less physical storage while reducing
costs. That commitment will not change. We look forward to
continuing to build on our foundation of innovation and customer
service, and to continuing to execute our successful growth
strategy."
Forward-Looking Statements In addition to
historical information, this document contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements contained herein represent NetApp's beliefs regarding
future events, many of which are, by their nature, inherently
uncertain and outside NetApp's control. Forward-looking statements
include, but are not limited to, statements regarding NetApp's
market opportunities and competitive strengths as well as its
strategies, plans, and objectives and other statements that are not
historical facts.
NetApp cautions readers that the forward-looking statements
contained herein are subject to risks and uncertainties that could
cause actual results to differ materially from the results
anticipated by such statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include the adverse global economic and
market conditions, risks associated with the anticipated growth in
network storage and content delivery markets, NetApp's ability to
deliver new product architectures and enterprise service offerings,
and other important factors as described in NetApp's reports and
documents filed from time to time with the Securities and Exchange
Commission. NetApp disclaims any obligation to update and revise
the forward-looking statements contained in these materials based
on new information or otherwise.
About NetApp NetApp creates innovative
storage and data management solutions that help our customers
deliver outstanding cost efficiency and accelerate business
breakthroughs. Discover our passion for helping companies around
the world go further, faster at www.netapp.com.
NetApp, the NetApp logo, and Go further, faster are trademarks
or registered trademarks of NetApp, Inc. in the U.S. and other
countries. All other brands or products are trademarks or
registered trademarks of their respective holders and should be
treated as such.
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