Hewlett-Packard Tops Dell's Bid to Acquire 3Par
HP proposed to buy all of the outstanding shares of storage technology company 3Par for $24.00 per share in cash, or an enterprise value of $1.6 billion. The proposed transaction represents a 33.3% premium above the price proposed by Dell, which offered $18 a share in cash valued at a total of $1.15 billion.
HP's proposal is not subject to any financing contingency and has been approved by HP's board of directors, the statement said. HP continued to say that once approved by 3Par's board, HP expects the transaction to close by the end of the calendar year.
"The addition of 3Par's next-generation storage architecture will accelerate HP's winning Converged Infrastructure strategy, which provides customers with an unmatched portfolio of intellectual property across storage, server and networking solutions," HP said.
"HP's proposal offers superior value to 3Par's shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3Par," said Dave Donatelli, general manager, Enterprise Servers, Storage and Networking, HP. "We've seen great momentum with our Converged Infrastructure strategy, and 3Par accelerates that strategy, particularly in cloud and scale-out markets."