August 27, 2010

The Bidding War For 3PAR Continues; HP Offers $2 Billion In Cash

 Here we go again-again. HP just offered $2 billion, or $30 per share in cash for data storage company 3PAR. This morning, Dell announced that 3PAR had accepted its increased offer to acquire the storage leader for $27 per share in cash, or approximately $1.8 billion.

Dell had previously signed an agreement to acquire 3PAR for $18 per share or $1.13 billion, with a provision for matching competing bids. HP then effectively outbid the company and offered $1.6 billion, but Dell matched that offer yesterday, after which HP made a renewed bid for – you guessed it – $1.8 billion.

This latest offer nearly doubles Dell’s original bid for 3PAR. 3PAR provides a virtualized utility storage platform that enables customers to significant drive down cloud computing infrastructure, storage and associated management costs.

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