Dell matches HP’s $1.8 billion offer for 3PAR
27 Aug 2010
Dell, the world's third-largest computer maker, raised its offer for virtual data storage company 3PAR, matching its larger rival Hewlett-Packard's $1.8 billion offer.
Dell said today that 3PAR has accepted its increased offer of $27 per share in cash, or approximately $1.8 billion, net of 3PAR's cash.
The new Dell-3PAR accord was reached under a provision in the existing agreement between the companies that allows Dell to match competing bids.
Dell said in a statement that it continues to believe that the acquisition of 3PAR, with its industry-leading storage technology, is important to its customers and will enhance its position in utility-storage solutions.
Dell also believes that its global brand and broad global reach will dramatically accelerate 3PAR's revenue growth.
The latest bid hike by Dell shows the strategic importance of the last independent data storage company in the US to computer companies.
Yesterday, Dell had raised its 16 August offer of $18 per share or $1.13 billion for 3PAR to $24.30 a share amounting to $1.6 billion and announced that 3PAR had accepted its increased offer. (See: Dell escalate bidding war with HP for 3Par with $1.6-bn bid)