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EMC Makes Bid For Santa Clara’s Data Domain

June 2, 2009

EMC (EMC: 26.89 +0.41%) made a surprise all-cash bid of $30 per share for Santa Clara-based Data Domain (ddup: N/A N/A). If the company is successful in acquiring Data Domain out from under NetApp (NTAP: 31.15 -1.33%) which itself made an offer 10 days ago for Data Domain, EMC would expand its Santa Clara footprint by the 200,000 SF Data Domain leases from Sobrato on Mission College Blvd under leases running through 2017-2018.

There has been a lull on acquisitions for some time, but low stock prices and limited venture capital funding are presenting an opportunity to companies sitting on mountains of cash to move in an acquire companies on the cheap. For instance, Apple is sitting on some $20B on cash with no long-term debt, Google has some $18B in the bank with no long-term debt, and Cisco has about $23bn in cash net of its long-term debt.

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