HP outbids Dell for storage firm 3PAR
HP has offered $1.6 billion for data storage company 3PAR, topping a bid by Dell.
HP bid $24 a share for 3PAR, about 33% more than Dell planned to pay in a deal announced a week ago. At the time, Dell’s bid for the storage virtualisation firm marked an 87% premium to its share price.
Because Dell offered such a steep premium for 3PAR, industry analysts had doubted a competing offer would emerge. The boards of Dell and 3PAR had approved the terms of that deal.
HP said 3PAR would be an “ideal fit” and offered terms that it said would be similar to those proposed by Dell but would not include a termination fee. HP said its board had approved the bid.
HP said its proposed deal would close by the end of the year. Representatives from 3PAR and Dell were not immediately available for comment on the HP move.