Contact
QR code for the current URL

Story Box-ID: 275662

NetApp Deutschland GmbH Sonnenallee 1 85551 Kirchheim bei München, Germany http://www.netapp.com/de
Contact Ms Heike Stautner +49 89 2308770
Company logo of NetApp Deutschland GmbH
NetApp Deutschland GmbH

NetApp Declines to Revise Bid for Data Domain; Merger Agreement Terminated

NetApp to Focus on Its Existing Growth Opportunities

(PresseBox) (Sunnyvale, )
NetApp (NASDAQ: NTAP) today announced that it will not revise its proposal to acquire Data Domain (NASDAQ:DDUP) in the wake of EMC's higher unsolicited offer, and that NetApp and Data Domain have terminated their merger agreement. NetApp confirmed that it has received a $57 million break-up fee from Data Domain as a result of the termination of the agreement.

"While NetApp's acquisition of Data Domain would have produced benefits for customers and employees and complemented NetApp's existing growth trajectory, we remain highly confident in our already compelling strategic plan, market opportunities, and competitive strengths," said Dan Warmenhoven, NetApp's chairman and CEO. "NetApp applies a disciplined approach to acquisitions, one focused intently on creating long-term value for our stockholders. We therefore cannot justify engaging in an increasingly expensive and dilutive bidding war that would diminish the deal's strategic and financial benefits."

"NetApp has established leadership positions in virtualized infrastructure, storage efficiency, and unified storage, even in these difficult economic times, by helping customers meet their business objectives with less physical storage while reducing costs. That commitment will not change. We look forward to continuing to build on our foundation of innovation and customer service, and to continuing to execute our successful growth strategy."

Forward-Looking Statements

In addition to historical information, this document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein represent NetApp's beliefs regarding future events, many of which are, by their nature, inherently uncertain and outside NetApp's control. Forward-looking statements include, but are not limited to, statements regarding NetApp's market opportunities and competitive strengths as well as its strategies, plans, and objectives and other statements that are not historical facts.

NetApp cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the adverse global economic and market conditions, risks associated with the anticipated growth in network storage and content delivery markets, NetApp's ability to deliver new product architectures and enterprise service offerings, and other important factors as described in NetApp's reports and documents filed from time to time with the Securities and Exchange Commission. NetApp disclaims any obligation to update and revise the forward-looking statements contained in these materials based on new information or otherwise.

NetApp, the NetApp logo, and Go further are trademarks or registered trademarks of NetApp, Inc. in the United States and/or other countries. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.

NetApp Deutschland GmbH

NetApp creates innovative storage and data management solutions that help you accelerate business breakthroughs and achieve outstanding cost efficiency. Discover our passion for helping companies around the world go further, faster at www.netapp.com.

The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.
Important note:

Systematic data storage as well as the use of even parts of this database are only permitted with the written consent of unn | UNITED NEWS NETWORK GmbH.

unn | UNITED NEWS NETWORK GmbH 2002–2024, All rights reserved

The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.