After Dell Matches $2B Offer For 3PAR, HP Ups Its Bid To $2.4B

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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.

  • http://technologyinfo.wordpress.com/2010/08/26/dell-throws-more-money-at-3par-and-wins/ Dell throws more money at 3PAR and wins « Technology Info

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  • http://technologyinfo.wordpress.com/2010/08/26/dell-throws-more-money-at-3par-and-wins/ Dell throws more money at 3PAR and wins « Technology Info

    […] Dell throws more money at 3PAR and wins Published August 26, 2010 2.0 , HP , dell , news , technology Leave a Comment Tags: 3par, business, dell, hp, news Update: What’s going on here? It’s a deal, it’s not a deal? HP has countered with a $2.4 billion offer. Oh snap! Techcrunch […]

  • http://www.techcrunchit.com/2010/09/02/dell-withdraws-from-3par-bidding-war/ Dell Withdraws From 3PAR Bidding War

    […] morning, HP upped the ante today with an offer worth $33 per share or $2.4 billion. 3PAR has accepted HP’s bid. Dell […]

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  • http://comtech.pp.ua/?p=19700 Dell Withdraws From 3PAR Bidding War | КомТех

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  • http://techme101.com/2010/09/02/dell-withdraws-from-3par-bidding-war/ Dell Withdraws From 3PAR Bidding War « Techme101

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  • http://www.ynotshare.com/19462/the-latest-from-techcrunch-25/ The Latest from TechCrunch | Y Not Share

    […] a $72 million break-up fee from 3PAR upon the termination of its merger agreement. This morning, HP upped the ante today with an offer worth $33 per share or $2.4 billion. 3PAR has accepted HP’s bid. Dell […]

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  • http://paruzia.com/2010/09/02/after-dell-matches-2b-offer-for-3par-hp-ups-its-bid-to-2-4b/ After Dell Matches $2B Offer For 3PAR, HP Ups Its Bid To $2.4B — Paruzia (pah-roo-zee-ah)

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    […] After Dell Matches $2B Offer For 3PAR, HP Ups Its Bid To $2.4B (techcrunchit.com) […]

  • http://www.techcrunchit.com/2010/09/02/done-deal-hp-gets-3par-for-2-35-billion-in-cash/ Done Deal: HP Gets 3PAR For $2.35 Billion In Cash

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    […] morning, HP upped the ante today with an offer worth $33 per share or $2.4 billion. 3PAR accepted HP’s bid and Dell […]

  • http://www.bjdproductions.com/blog/?p=3536 Done Deal: HP Gets 3PAR For $2.35 Billion In Cash | BJD Productions Blog

    […] morning, HP upped the ante with an offer worth $33 per share or $2.4 billion. 3PAR accepted HP’s bid and Dell […]

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