It looks like we’re back to square one again. Dell has matched HP’s $2 billion offer to buy 3PAR, and HP upped the ante today with an offer worth $33 per share or $2.4 billion. 3PAR has accepted HP’s bid.
Dell had previously signed an agreement to acquire 3PAR for $18 per share or $1.13 billion, with a provision for matching competing bids. HP then effectively outbid the company and offered $1.6 billion, but Dell matched that offer yesterday, after which HP made a renewed bid for $1.8 billion. HP then offered $2 billion last Friday.
According to the release, the 3PAR board of directors has determined that HP’s revised proposal constitutes a “Superior Proposal” (as that term is defined in 3PAR’s merger agreement with Dell). Accordingly, 3PAR notified Dell of its intention to terminate its merger agreement with Dell immediately following the expiration of the three business day period contemplated by, and the satisfaction of the other conditions set forth in, its merger agreement with Dell in order to enter into a merger agreement with HP on the terms set forth in HP’s revised acquisition proposal.
This latest offer more than doubles Dell’s original bid for 3PAR, which was high to begin with. 3PAR provides a virtualized utility storage platform that enables customers to significant drive down cloud computing infrastructure, storage and associated management costs.
It looks like this bidding war has come to an end, folks.