13
Thu, Jun
4 New Articles

EMC Acquires Majority Ownership of Data Domain

Mergers / Acquisitions
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

When completed, the acquisition will be the foundation of a new product division at EMC.

EMC Corp. has announced that it has acquired majority ownership of Data Domain, Inc. (NASDAQ: DDUP). Once EMC completes the acquisition of Data Domain, which is expected by the end of July, Data Domain will become the foundation of a new product division within EMC's storage business focused on the development and delivery of next-generation disk-based backup, recovery and archive solutions.

The new EMC product division will be led by Frank Slootman, Data Domain's president and CEO, reporting to Joe Tucci, EMC's chairman, president and CEO, and Frank Hauck, EMC executive vice president leading EMC's storage business. EMC will increase its investment in the division, adding resources, technologies, and products. The company expects this new division to continue growing revenue at significant double-digit rates achieving $1 billion in revenue in 2010. EMC and Data Domain's highly complementary technologies will continue to deliver customers tremendous savings and value while promising entirely new and exciting prospects for integrated solutions in the future.

"I am delighted to welcome Data Domain and its dedicated, talented and seasoned team to the EMC family," said Tucci. "Together, we will shape the future of next-generation disk-based backup, recovery, and archive solutions, making life significantly better for our joint customers, changing the game in the storage software market, and creating new market opportunities for growth."

Added Slootman: "We are pleased to see the merger with EMC becoming a reality. We envision great opportunity to accelerate our business through EMC's massive worldwide distribution network and customer base, and we can't wait to begin seeing that play out in the market place."

Data Domain stockholders have tendered approximately 78.2 percent of the outstanding Data Domain shares (not including shares tendered by notice of guaranteed delivery). Together with the 3.9 percent of outstanding Data Domain shares previously held by EMC, EMC now controls approximately 82.1 percent of Data Domain shares outstanding.

The initial offering period of EMC's tender offer to purchase all of the outstanding shares of Data Domain common stock expired on July 17. EMC has accepted for payment the approximately 50,947,657 shares tendered in the offer.

EMC also announced a subsequent offering period from July 20 through midnight EDT, on Wednesday, July 22, unless further extended. The subsequent offering period will permit all stockholders who did not tender shares in the initial offering period to obtain the $33.50 per share offer price for their shares prior to consummation of the second-step merger. EMC expects to complete the second-step merger and close the acquisition shortly after expiration of the subsequent offering period so long as EMC controls 90 percent or more of the outstanding Data Domain shares at such time.

During the subsequent offering period, EMC's acquisition subsidiary Envoy Merger Corp. will accept for payment and promptly pay for Data Domain shares as they are tendered. Stockholders who tender shares during this period will be paid the same $33.50 per share cash consideration paid during the initial offering period. During the subsequent offering period, shares may not be tendered through procedures for guaranteed delivery and shares tendered may not be withdrawn. Envoy Merger Corp. may extend the subsequent offering period. If the subsequent offering period is extended, Envoy Merger Corp. will notify the depositary for the offer and issue a press release prior to 9:00 a.m. EDT on Thursday, July 23.

About EMC Corp.

EMC Corp. (NYSE: EMC) is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at www.EMC.com.

EMC Corporation (NYSE: EMC) is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at www.EMC.com.

 

BLOG COMMENTS POWERED BY DISQUS

LATEST COMMENTS

Support MC Press Online

$0.00 Raised:
$

Book Reviews

Resource Center

  • SB Profound WC 5536 Have you been wondering about Node.js? Our free Node.js Webinar Series takes you from total beginner to creating a fully-functional IBM i Node.js business application. You can find Part 1 here. In Part 2 of our free Node.js Webinar Series, Brian May teaches you the different tooling options available for writing code, debugging, and using Git for version control. Brian will briefly discuss the different tools available, and demonstrate his preferred setup for Node development on IBM i or any platform. Attend this webinar to learn:

  • SB Profound WP 5539More than ever, there is a demand for IT to deliver innovation. Your IBM i has been an essential part of your business operations for years. However, your organization may struggle to maintain the current system and implement new projects. The thousands of customers we've worked with and surveyed state that expectations regarding the digital footprint and vision of the company are not aligned with the current IT environment.

  • SB HelpSystems ROBOT Generic IBM announced the E1080 servers using the latest Power10 processor in September 2021. The most powerful processor from IBM to date, Power10 is designed to handle the demands of doing business in today’s high-tech atmosphere, including running cloud applications, supporting big data, and managing AI workloads. But what does Power10 mean for your data center? In this recorded webinar, IBMers Dan Sundt and Dylan Boday join IBM Power Champion Tom Huntington for a discussion on why Power10 technology is the right strategic investment if you run IBM i, AIX, or Linux. In this action-packed hour, Tom will share trends from the IBM i and AIX user communities while Dan and Dylan dive into the tech specs for key hardware, including:

  • Magic MarkTRY the one package that solves all your document design and printing challenges on all your platforms. Produce bar code labels, electronic forms, ad hoc reports, and RFID tags – without programming! MarkMagic is the only document design and print solution that combines report writing, WYSIWYG label and forms design, and conditional printing in one integrated product. Make sure your data survives when catastrophe hits. Request your trial now!  Request Now.

  • SB HelpSystems ROBOT GenericForms of ransomware has been around for over 30 years, and with more and more organizations suffering attacks each year, it continues to endure. What has made ransomware such a durable threat and what is the best way to combat it? In order to prevent ransomware, organizations must first understand how it works.

  • SB HelpSystems ROBOT GenericIT security is a top priority for businesses around the world, but most IBM i pros don’t know where to begin—and most cybersecurity experts don’t know IBM i. In this session, Robin Tatam explores the business impact of lax IBM i security, the top vulnerabilities putting IBM i at risk, and the steps you can take to protect your organization. If you’re looking to avoid unexpected downtime or corrupted data, you don’t want to miss this session.

  • SB HelpSystems ROBOT GenericCan you trust all of your users all of the time? A typical end user receives 16 malicious emails each month, but only 17 percent of these phishing campaigns are reported to IT. Once an attack is underway, most organizations won’t discover the breach until six months later. A staggering amount of damage can occur in that time. Despite these risks, 93 percent of organizations are leaving their IBM i systems vulnerable to cybercrime. In this on-demand webinar, IBM i security experts Robin Tatam and Sandi Moore will reveal:

  • FORTRA Disaster protection is vital to every business. Yet, it often consists of patched together procedures that are prone to error. From automatic backups to data encryption to media management, Robot automates the routine (yet often complex) tasks of iSeries backup and recovery, saving you time and money and making the process safer and more reliable. Automate your backups with the Robot Backup and Recovery Solution. Key features include:

  • FORTRAManaging messages on your IBM i can be more than a full-time job if you have to do it manually. Messages need a response and resources must be monitored—often over multiple systems and across platforms. How can you be sure you won’t miss important system events? Automate your message center with the Robot Message Management Solution. Key features include:

  • FORTRAThe thought of printing, distributing, and storing iSeries reports manually may reduce you to tears. Paper and labor costs associated with report generation can spiral out of control. Mountains of paper threaten to swamp your files. Robot automates report bursting, distribution, bundling, and archiving, and offers secure, selective online report viewing. Manage your reports with the Robot Report Management Solution. Key features include:

  • FORTRAFor over 30 years, Robot has been a leader in systems management for IBM i. With batch job creation and scheduling at its core, the Robot Job Scheduling Solution reduces the opportunity for human error and helps you maintain service levels, automating even the biggest, most complex runbooks. Manage your job schedule with the Robot Job Scheduling Solution. Key features include:

  • LANSA Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.

  • LANSAWhen it comes to creating your business applications, there are hundreds of coding platforms and programming languages to choose from. These options range from very complex traditional programming languages to Low-Code platforms where sometimes no traditional coding experience is needed. Download our whitepaper, The Power of Writing Code in a Low-Code Solution, and:

  • LANSASupply Chain is becoming increasingly complex and unpredictable. From raw materials for manufacturing to food supply chains, the journey from source to production to delivery to consumers is marred with inefficiencies, manual processes, shortages, recalls, counterfeits, and scandals. In this webinar, we discuss how:

  • The MC Resource Centers bring you the widest selection of white papers, trial software, and on-demand webcasts for you to choose from. >> Review the list of White Papers, Trial Software or On-Demand Webcast at the MC Press Resource Center. >> Add the items to yru Cart and complet he checkout process and submit

  • Profound Logic Have you been wondering about Node.js? Our free Node.js Webinar Series takes you from total beginner to creating a fully-functional IBM i Node.js business application.

  • SB Profound WC 5536Join us for this hour-long webcast that will explore:

  • Fortra IT managers hoping to find new IBM i talent are discovering that the pool of experienced RPG programmers and operators or administrators with intimate knowledge of the operating system and the applications that run on it is small. This begs the question: How will you manage the platform that supports such a big part of your business? This guide offers strategies and software suggestions to help you plan IT staffing and resources and smooth the transition after your AS/400 talent retires. Read on to learn: