Business Context and Reporting Period
This Form 8-K was filed by NetApp, Inc. on July 8, 2009. The report addresses the termination of a previously announced Agreement and Plan of Merger with Data Domain, Inc., which was originally entered into on May 20, 2009, and amended on June 3, 2009.
Key Financial Metrics
The filing does not provide standard operating financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The only specific financial figure disclosed is a one-time termination fee.
- Termination Fee Received: $57,000,000
Material Changes
On July 8, 2009, Data Domain's board of directors terminated the Merger Agreement with NetApp. This action was taken in response to an unsolicited tender offer made by EMC Corporation. As a direct result of this termination, NetApp received the $57 million termination fee stipulated in the agreement.
Outlook, Risks, and Management Commentary
NetApp issued a press release on July 8, 2009, regarding the termination (attached as Exhibit 99.1). The filing indicates that the merger was terminated due to a competing offer from EMC Corporation. No forward-looking guidance, updated risk factors, or management commentary regarding future strategic direction is included in this specific filing text.
Key Facts for Investor Verification
- NetApp's proposed acquisition of Data Domain was terminated on July 8, 2009.
- The termination was triggered by an unsolicited tender offer from EMC Corporation.
- NetApp received a $57 million termination fee from Data Domain.
- This filing does not contain updated financial performance data or revised guidance.