NetApp Comments on Data Domain’s Recommendation that Stockholders Reject EMC’s Offer and Vote in Favor of the Merger with NetApp
Sunnyvale, Calif. - June 15,
2009 -NetApp (NASDAQ: NTAP) today responded to Data
Domain's announcement that its board of directors has recommended
that Data Domain stockholders reject EMC Corporation's (NYSE: EMC)
offer to acquire all of the outstanding shares of Data Domain
common stock, not tender their shares to EMC pursuant to EMC's
offer, and vote in favor of the merger with NetApp.
"We are very pleased with Data Domain's
recommendation that stockholders continue to support NetApp's
merger proposal over EMC's unsolicited offer," said Dan
Warmenhoven, chairman and CEO of NetApp. "This announcement
reaffirms our belief that the NetApp proposal provides attractive
short- and long-term value to Data Domain stockholders with no
significant antitrust concerns and a clearer and more timely path
to close. We look forward to proceeding with our proposal, bringing
the offer to a stockholder vote, and beginning to execute on the
promise of this compelling combination.
"Importantly, we believe a combination of
NetApp and Data Domain brings significant benefits to customers and
employees," continued Warmenhoven. "In our merger, we believe
customers will benefit from a lower risk of business disruption,
continued competition, an enhanced products and services offering,
and the ability of the NetApp sales and marketing organization to
bring Data Domain's products to more enterprises in the United
States and to more customers in Europe and Asia. Furthermore, we
believe employees will benefit from cultural compatibility and the
ability to accelerate productivity and innovation given the
existence of complementary products and a larger base of
resources."
NetApp first announced its definitive
agreement to acquire Data Domain on May 20, 2009, and announced its
revised acquisition agreement on June 3, 2009. For complete details
on this acquisition, visit the page NetApp
to Acquire Data Domain or www.netapp.com/au.
Forward-Looking
Statements
This press release contains forward-looking statements, which
involve a number of risks and uncertainties. NetApp and Data Domain
caution readers that any forward-looking information is not a
guarantee of future performance and that actual results could
differ materially from those contained in the forward-looking
information. All such forward-looking statements include, but are
not limited to, statements about the benefits of NetApp's
acquisition of Data Domain, including future financial and
operating results; NetApp's plans, objectives, expectations and
intentions; and other statements that are not historical facts.
The following factors, among others, could
cause actual results to differ from those set forth in the
forward-looking statements: the ability to obtain regulatory
approvals of the transaction on the proposed terms and schedule;
the failure of Data Domain stockholders to approve the transaction;
the risk that the businesses will not be integrated successfully;
the risk that the cost savings and any other synergies from the
transaction might not be fully realized or might take longer to
realize than expected; disruption from the transaction making it
more difficult to maintain relationships with customers, employees,
or suppliers; and competition and its effect on pricing, spending,
third-party relationships, and revenues. Additional factors that
might affect future results are contained in NetApp's and Data
Domain's filings with the SEC, which are available at the SEC's Web
site at www.sec.gov. NetApp and Data Domain disclaim any
obligation to update and revise statements contained in these
materials based on new information or otherwise.
Additional Information and Where to
Find It
NetApp has filed with the SEC a Registration Statement on Form S-4
in connection with the transaction. The Registration Statement and
the Proxy Statement/Prospectus will contain important information
about NetApp, Data Domain, the transaction, and related matters.
Investors and security holders are urged to read the Registration
Statement and the Proxy Statement/Prospectus carefully when they
are available. Investors and security holders will be able to
obtain free copies of the Registration Statement and the Proxy
Statement/Prospectus and other documents filed with the SEC by
NetApp and Data Domain through the Web site maintained by the SEC
at www.sec.gov
and by contacting NetApp Investor Relations at (408) 822-7098 or
Data Domain Investor Relations at (408) 980-4909. In addition,
investors and security holders will be able to obtain free copies
of the documents filed with the SEC on NetApp's Web site at
www.netapp.com/au and on
Data Domain's Web site at www.datadomain.com.
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/au.
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.
For Press Inquiries
NetApp
E-mail: xdl-uspr@netapp.com
Phone: (408) 822-3287