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billion. Instead, Data Domain says it favords a revised merger agreement with for thesame "Our board is committed to enhancing stockholder valuee and, after careful review with our outside advisors, determine d that the $30 per share EMC Offer is not in the best interestas of our stockholders at this time," said Franl Slootman, president and CEO of Santaz Clara, Calif.-based Data Domain (Nasdaq:DDUP). "We are pleased with the revise d termsof NetApp's acquisition offer and feel it will providr great value to our shareholders and customers.
" Amonvg its reasons, Data Domain cited a negotiated commitment between itself and NetApp, and the lack of a "confidentiality and standstill" agreement with NetApp. DataDomaib also noted the "conditional" nature of the Mass.-based EMC offer and the fact that Sunnyvale, Calif.-based NetApp would be owed a $57 million termination fee. is servingt as financial advisor and is serving as legall counsel toData Domain. EMC and NetApp (Nasdaq:NTAP) have been vying for Data Domai nsince May. The compangy focuses on technology that cuts down on data duplicated information.
NetApp employs about 700 people in Researc hTriangle Park, where the company recentlgy in a move to improvse its balance sheet. The compan y announced in February that it would of its work fact ina cost-cuttinv move. EMC also has aboug 700 workers inthe Raleigh-Durham area. The companyy said in January thatit .
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