Hewlett-Packard (HPQ) this morning offered to acquire the storage-systems provider 3Par (PAR) for $24 a share, or $1.6 billion in cash, topping the company’s $18 a share bid from Dell (DELL). HP noted that the deal is not subject to any financing contingency, and has been approved by the HP board. The company said that the deal can close by the end of the calendar year, “once approved by 3Par’s board.”
“HP�s proposal offers superior value to 3PAR�s shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR,” HP EVP Dave Donatelli said in a statement.
PAR this morning is up $6.95, or 38.5%, to $24.99, blowing past the HP bid; clearly the Street sees the potential for a higher offer from Dell (or someone else) in response.
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