Innovative industry-leading storage and data management solutions provider NetApp Inc. (NASDAQ: NTAP) and Data Domain (NASDAQ symbol: DDUP) today announced the acquisition agreement modified.Under the new agreement, NetApp will be 30 dollars per share in cash and stock, all Data Domain purchased all the issued ordinary shares of the shares.The transaction worth about 1.9 billion, not including cash held by Data Domain.
Chairman and CEO of NetApp Huohao Wen (Dan Warmenhoven) said: "We are very pleased to see the combination of a good opportunity for both companies. The two sides of the integration will help us accelerate the development, access to more than any one companybroad market adoption. This partnership will provide our customers around the world meaningful advantage. "
Data Domain's president and CEO Frank Slootman said: "We are pleased to NetApp to modify the terms of the acquisition agreement, which will give our shareholders and customers greater value."
Details of the transaction
Data Domain's shareholders will be entitled to equal shares in the share exchange ratio of Data Domain received $ 16.45 in cash plus the number of shares of common stock NetApp.(I) if the "closing price" ("Closing Average", as defined in the Purchase Agreement) of less than $ 17.41, the stock exchange ratio equal to 0.7783 shares of common stock NetApp; (ii) if the closing price above $ 21.27, the stock exchange ratioNetApp shares of common stock equal to 0.6370; (iii) if the closing price (A) less than or equal to $ 21.27 and (B) greater than or equal to $ 17.41, the stock exchange ratio is an equal part of NetApp common stock closing price by reducing$ 13.55 to get the business.Is the closing price on NASDAQ Global Select Market last 10 consecutive trading days, and immediately terminate on the third trading day before the first step in closing the acquisition of ordinary shares in NetApp reports made to the closing trading price of the average.In certain circumstances, NetApp may decide to reduce the stock of or asked price, and, if this reduction occurs, NetApp will be required to increase the cash consideration.
Data Domain Board of Directors has unanimously adopted the amended transaction.Process will be 60-110 days, depending on the relevant laws and the approval process may be.
NetApp on May 20, 2009 acquisition of First Data Domain announced the agreement reached.Complete details on the acquisition, please read the news "NetApp acquisition of Data Domain" or visit the NetApp Web site www.netapp.com.