EMC raises offer for Data Domain to $2.4 billion

EMC Corp (EMC.N) increased its offer for Data Domain Inc (DDUP.O) by 12 percent, valuing the specialty storage maker at $2.4 billion and raising the stakes in a bidding war against rival NetApp Inc. (NTAP.O).

The move drove Data Domain shares up 2.7 percent to $34.24 in morning trade on Monday, above EMC's new $33.50-per-share bid, suggesting that investors expect NetApp to respond with higher offer.

"If you own stock, you hold on to it whenever you have two guys fighting," said Tom Burnett, who follows mergers and acquisitions as director of research for Wall Street Access.

Read Full Article from Reuters

- Posted: 2009-07-06 10:49:18

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