NetApp has announced that the US Securities and Exchange Commission (SEC) has declared its registration statement – for the proposed acquisition of Data Domain – effective, allowing the transaction to proceed to a stockholder vote.
NetApp said that the Data Domain board has called for a special meeting of the company’s stockholders to be held on August 14, 2009 to consider and vote on the merger.
Earlier, on July 2 the US Federal Trade Commission (FTC) has granted the merger agreement early clearance under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976.
NetApp stated that this move confirms that the FTC will not conduct any further reviews related to the merger and clears the way for NetApp and Data Domain to close on a timely basis following the approval of the transaction by the Data Domain stockholders.
Dan Warmenhoven, chairman and CEO of NetApp, said: Not only does NetApp’s proposal provide Data Domain stockholders with attractive short- and long-term value, our combination creates significant advantages for customers and employees, who will benefit from a lower risk of business disruption, continued competition in the marketplace, enhanced products and services, and the complementary nature of our two businesses.
NetApp has earlier enhanced its bid to contest an all-cash offer made by rival bidder EMC Corp. The company has revised its bid to $30 per share to acquire Data Domain, valued at about $1.9 billion net of company’s cash.
