After accepting NetApp's second sweetened bid Wednesday, Data Domain rolled out of bed Thursday morning and said it was still "reviewing" EMC's unsolicited and arguably hands-down superior offer.

Arguably the Data Domain board is just saying that to cover its fiduciary ass.

The operative message in its statement would appear to be that "the board is reaffirming the recommendation in favor of Data Domain's merger with NetApp."

It's also asking its stockholders to "defer making a determination whether to accept or reject EMC's offer until Data Domain has communicated to stockholders its position regarding the tender offer from EMC." It says it'll get back to them by June 16.

To review: NetApp said on May 20 that it was buying Data Domain for $25 a share in cash and stock.

On June 1 EMC came in with a surprise $30-a-share all-cash tender offer.

On June 3 NetApp upped its bid to $30 in cash and stock. The cash part works out to $16.45 a share, which NetApp's promising to hold steady in case its stock price drops.

EMC retorted that its offer is better and that it's going ahead with the tender offer, which currently expires June 29.

NetApp, which has got a lot of alumni at Data Domain, claims EMC may have antitrust issues.

Unless it fails the Scott-Hart-Rodino review, EMC can always up the ante again, which is what the punters evidently think will happen and which may be in the back of Data Domain's mind. The stock was trading between $32.50 and $32.75 Thursday morning.

NetApp doesn't have EMC cash resources.

• Data Domain Comments on Unsolicited Offer from EMC
• Data Domain Accepts Upped NetApp Bid; EMC Proceeds with Tender
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