Hewlett-Packard has once again raised its takeover offer for 3PAR to $ 33 per share, which the storage solutions provider termed as a “superior proposal” to the bid made by computer-maker Dell.
3PAR has been courting offers from Dell and HP, both of which are locked in an intense takeover battle for the firm.
The storage solutions company today said it intends to terminate the takeover agreement with Dell, which had offered $ 32 per share, following the higher bid from HP.
“(We have) received a revised proposal from HP to acquire all of 3PAR’s outstanding common stock at $ 33 per share, which is an increase from its previously announced offer price of $ 30 per share,” 3PAR said in a statement.
Asserting that HP’s latest bid is superior, 3PAR noted that its board plans to scrap the existing pact with Dell.
On August 28, 3PAR had announced its intention to call off the agreement with Dell, which had later prompted the computer-maker to hike its takeover offer to $ 32 per share.
Dell’s revised bid of $ 27 per piece was surpassed by HP with a $ 30 per share offer.
According to the statement, Dell’s revised takeover proposal of $ 32 per share also included an increased termination fee of $ 92 million payable by 3PAR in case the latter calls off the pact.
On August 27, both HP and Dell had raised their takeover offers. 3PAR has received as many as six buyout offers from the two companies in less than ten days.
Pocketing 3PAR is an attractive proposition for both HP and Dell, especially in the wake of increasing corporate demand for data storage solutions. The acquisition would also help bolster the two companies’ offerings in the cloud computing business.
The intensifying takeover tussle for 3PAR erupted after Dell’s initial takeover bid of $ 18 per share on August 16 was met with a higher offer of $ 24 per piece by HP this week.
