Sunnyvale, July 8, 2009 -
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 Terminated 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
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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.