EMC Corp extends Data Domain offer period to 10 July
27 Jun 2009
EMC Corporation, a leading developer and provider of information infrastructure technology, yesterday announced an extension of its all-cash tender offer to purchase all outstanding shares of Santa Clara, California-based Data Domain, Inc. common stock for $30 per share.
"To provide additional time to satisfy closing conditions, the offer period now expires on 10 July 2009," the company said in a press release.
The initial offering period, which began on 2 June 2009, was previously scheduled to expire on June 29, 2009.
"EMC's $30 per share all-cash offer remains superior to NetApp's stock and cash offer," BuzzJoe Tucci, EMC chairman, president and CEO, said.
"We continue to anticipate a routine review by the FTC resulting in a timely regulatory approval. We look forward to the execution of the definitive agreement and closing of the transaction with EMC," he added.
Early June, the board of Data Domain recommended the EMC's rival NetApp's cash-and-stock offer saying it offered better value for shareholders.