Dell announced this morning that 3PAR has accepted its increased offer to acquire the storage company for $24.30 per share in cash, or approximately $1.6 billion, net of 3PAR’s cash.
Dell had previously signed an agreement to acquire 3PAR for $18 per share, with a provision for matching competing bids.
HP subsequently outbid Dell for the data storage company, offering $24 per share in cash, or also roughly $1.6 billion at the time. Dell and 3PAR have now signed an amendment to the agreement reflecting the new offer price, which brings its bid up to par with HP’s offer.
A good old-fashioned bidding war, in other words, ladies and gentlemen.
3PAR provides a virtualized utility storage platform that enables customers to significant drive down cloud computing infrastructure, storage and associated management costs. Dell in an earlier statement said the company will help it extend its own storage capabilities – its product portfolio includes PowerVault, EqualLogic and Dell/EMC.
3PAR was founded in 1999 and is headquartered in Fremont, California.
The cash tender offer, through a wholly-owned Dell subsidiary, is for all outstanding shares of 3PAR common stock, without interest, and subject to reduction for any federal back-up withholding or other taxes. The offer documents will be amended to reflect the new offer price, but Dell says this will not alter the timing of the acquisition.
The transaction is expected to close before the end of the year.
Unless of course Hewlett-Packard steps forward with a renewed offer for 3PAR which the company and its shareholders can’t refuse – or Dell can’t or won’t match.