NetApp gets regulatory OK for Data Domain purchase

NEW YORK - Data storage company NetApp Inc. said Monday that it has received clearance from the Securities and Exchange Commission for its proposed purchase of Data Domain Inc., which means Data Domain shareholders may now vote on the acquisition.

NetApp said Data Domain's board set a special shareholder meeting for Aug. 14, when a vote will take place.

The companies reached a deal in early June for NetApp to buy Data Domain for $1.9 billion, or $30 per share, in cash and stock after NetApp increased its bid to match an all-cash offer by EMC Corp.

Data Domain rebuffed EMC's bid, however, saying it was not in the best interest of its shareholders and that it preferred NetApp's offer.

Last Thursday, the Federal Trade Commission granted early clearance for the deal under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Data Domain shares rose 93 cents, or 2.8 percent, to $34.14 in premarket trading, while NetApp shares fell 17 cents to $18.73. EMC shares fell 20 cents to $12.58.

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