SUNNYVALE, CA -- 07/08/09 --
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.
About NetApp
NetApp creates innovative storage and data management solutions that help
our customers deliver outstanding cost efficiency and accelerate business
breakthroughs. Discover our passion for helping companies around the world
go further, faster at www.netapp.com.
NetApp, the NetApp logo, and Go further, faster are trademarks or
registered trademarks of NetApp, Inc. in the U.S. and other countries. All
other brands or products are trademarks or registered trademarks of their
respective holders and should be treated as such.
