HP edges back in front in race to acquire 3Par with $2bn bid


HP edges back in front in race to acquire 3Par with $2bn bid

Simon Quicke

prod_inserv_t400_t800_lowres.jpgHardly had the share price of storage player 3Par had time to react to Dell matching HP's offer of $1.8bn than the race to seal the deal to acquire the company reached another level.

With the bidding starting almost two weeks ago at $1.5bn it has risen in stages to 1.6, 1.8 and now $2bn as HP has battled it out to beat Dell to signing the dotted line.

The week looks like ending with HP in the lead in terms of monetary value being offered but with Dell still getting the backing of the 3Par board, which was certainly the position a day ago.

But with the battle to land what both vendor's view as a vital part of a future cloud storage (3Par product pictured) strategy the public bidding war could easily continue into next week.

In a brief statement issued late this afternoon HP stated that it had made an offer of $30 per share valuing 3Par at $2bn.

"The proposal represents an 11 percent premium above the most recent price offered by Dell Inc. of $27 per share. HP's proposal is not subject to any financing contingency and has been approved by HP's board of directors. Once approved by 3PAR's board, HP expects the transaction to close by the end of the calendar year," the company stated.

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