Data Domain rejects EMC's bid in favor of NetApp

Data Domain Inc (DDUP.O), a specialty storage equipment maker, rejected a hostile takeover bid from rival EMC Corp (EMC.N), asking shareholders to back a $30-per-share deal it has signed with NetApp Inc (NTAP.O).

The widely expected move sets the stage for EMC, the top maker of corporate data storage equipment, to raise its $30-per-share cash offer for Data Domain in a rare bidding war. EMC and NetApp are fighting to buy faster-growing Data Domain as the weak economy batters sales at both companies.

Read Full Article from Reuters

- Posted: 2009-06-15 10:18:38

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