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NetApp Comments on Data Domain's Recommendation That Stockholders Reject EMC's Offer and Vote in Favor of the Merger With NetApp
| Source: NetApp, Inc.
SUNNYVALE, CA--(Marketwire - 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.
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
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.
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.