EMC Corp. announced this week that it has stolen rival NetApp's thunder when it entered into a definitive agreement with Data Domain Inc. to acquire the company in a cash tender offer for $33.50 (US) per share or approximately $2.1 billion.
EMC's all-cash tender offer commenced on June 2 and is scheduled to expire at 12:00 midnight Eastern Daylight Time on July 17, 2009, subject to customary tender offer conditions being satisfied. EMC also announced that the condition to its tender offer related to the termination of the NetApp merger agreement has been satisfied.
The acquisition is expected to be neutral to EMC's non-GAAP earnings per share in its fiscal year 2009 and accretive to its non-GAAP earnings per share in fiscal year 2010.
Following the completion of the acquisition, which is expected to occur
before the end of July, Data Domain will help accelerate EMC's pace of
expansion and leadership in the fast-growing next-generation disk-based
backup and archive market.
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