|By Maureen O'Gara||
|June 4, 2009 09:30 AM EDT||
Wednesday morning NetApp raised its offer for Data Domain to $30 a share to match EMC’s bid. However, it can’t match EMC’s deeper pockets. It’s still offering a mix of cash and stock but claims its new bid is really worth $1.9 billion net of Data Domain’s cash.
By Wednesday evening Data Domain had again accepted its offer though its stockholder may have something to say about that.
EMC is offering $1.8 billion in straight cash no financing. That’s $30 in folding money compared to NetApp’s $16.45.
When last seen EMC, claiming the superior bid, had started a tender offer and warned the Data Domain board not to get in its way.
The tender offer expires June 29.
The NetApp deal could take two-four months to close
In anticipation of a counter-bid and figuring that EMC will do what has to be done to deny NetApp the revenues spoils of this little battle, Wall Street has pushed Data Domain’s stock up over $32.50. It was in the mid-teens before it got so popular.
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