Dell has raised its acquisition offer for storage vendor
3PAR to $24.30 a share, slightly higher than the $24 a share bid from HP, and said that 3PAR had accepted its bid. Of course, 3PAR’s board previously accepted an $18 a share offer from Dell, so the focus now shifts back to whether HP will up the ante with another bid.
In a
press release [1], Dell said that its initial offer for 3PAR included “a provision for matching competing bids.” The improved offer values 3PAR at $1.6 billion. “With the 3PAR acquisition, Dell will have the broadest set of differentiated storage solutions in the market today,” said Dave Johnson, senior vice president, Dell corporate strategy.
Is a higher bid coming? Investors certainly seem to think so. Shares of 3PAR (PAR) are trading this morning at $26.37, more than $2 a share above Dell’s latest offer.
For background and analysis of the 3PAR takeover fight, see
Analysis: Dell-3PAR Storage Acquisition [2],
It’s HP vs. Dell in Bidding War for 3PAR [3] and
Mega-Roundup: The Battle for 3PAR [4].
Rich Miller is the founder and editor-in-chief of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.
Article printed from Data Center Knowledge: http://www.datacenterknowledge.com
URL to article: http://www.datacenterknowledge.com/archives/2010/08/26/dell-counters-hp-with-1-6b-bid-for-3par/
URLs in this post:
[1] press release: http://content.dell.com/us/en/corp/d/secure/2010-08-26-3par-release.aspx
[2] Analysis: Dell-3PAR Storage Acquisition: http://www.datacenterknowledge.com/archives/2010/08/16/analysis-dell-3par-storage-acquisition/
[3] It’s HP vs. Dell in Bidding War for 3PAR: http://www.datacenterknowledge.com/archives/2010/08/23/its-hp-vs-dell-in-bidding-war-for-3par/
[4] Mega-Roundup: The Battle for 3PAR: http://www.datacenterknowledge.com/archives/2010/08/24/mega-roundup-the-battle-for-3par/
[5] Rich Miller: http://www.datacenterknowledge.com/archives/author/richm/
Click here to print.
