Data Domain to comment on EMC takeover bid by June 16; asks shareholders to defer decision

Data Domain to comment on EMC bid by June 16

SANTA CLARA, Calif. — The board of Data Domain asked Thursday that shareholders defer a decision on EMC Corp.’s offer to buy the company for $1.8 billion in cash until it can review the bid.

The company reiterated its recommendation that shareholders accept an offer from rival bidder NetApp Inc. and said it will issue a statement on EMC’s offer by June 16, as required by securities laws.

NetApp, a data storage company based in Sunnyvale, Calif., said Wednesday it had reached a deal with Data Domain to buy the company for $1.9 billion in cash and stock.

EMC, based in Hopkinton, Mass., could still raise its bid for Data Domain, which makes products for cutting redundant data in storage systems. The company says its $30-per-share bid is superior because it is an all-cash offer.

Data Domain shares edged up 27 cents to $32.81 in midday trading. EMC’s stock climbed 29 cents, or 2.3 percent, to $12.77, while NetApp shares were up 23 cents at $18.80.