HP has prevailed in its battle to acquire storage vendor 3PAR, as rival suitor Dell has dropped out in the wake of HP’s revised offer to buy 3PAR for $33 a share. Dell bowed out of the bidding after the board of 3PAR said the latest HP offer is a “superior proposal” compared to an updated $32 a share bid from rival suitor Dell.
“We took a measured approach throughout the process and have decided to end these discussions,” said Dave Johnson, senior vice president, corporate strategy.
“We will continue to put the interests of our customers and shareholders at the forefront of all our decisions,” added Dell chief financial officer Brian Gladden. “Our focus is to create long-term value.”
For background and analysis of the 3PAR takeover fight, see Analysis: Dell-3PAR Storage Acquisition, It’s HP vs. Dell in Bidding War for 3PAR, Mega-Roundup: The Battle for 3PAR, Dell Counters HP with $1.6B Bid for 3PAR and HP Tops Dell, Raises 3PAR Bid to $2 Billion.