EMC Corp. says it’s now willing to shell out $2.2 billion in an attempt to take over rival Data Domain. NetApp is also in the running to acquire the data-storage product maker. Both EMC and NetApp are interested in Data Domain for its expertise in eliminating redundant data storage.
EMC raised its all-cash offer by 11 percent, at $33.50 per share. NetApp made the initial offer of $25 per share, and they’ve been bidding back and forth since.
EMC claims it can close the deal within two weeks, eliminating some of the provisions that could have been roadblocks to approval.
NetApp has promised to review EMC's latest move and decide whether to match the company's bid.
