The Dell offer was a slight increase over the $24 per share pitch HP made Monday, which was 33 percent higher than the initial purchase offer made by Dell.
3Par announced the acquisition in a news release this morning and stated, along with the purchase price, the merger includes a revised termination fee of $72 million in the event 3Par’s board receives and accepts another unsolicited proposal. The board is unanimously recommending that its stockholders accept the Dell purchase.
In Dell’s prior acquisition agreement with 3Par, there was a provision for matches to competing bids. However, both 3Par and Dell have released statements of agreement with the latest offer.
The Fremont, Calif.-based company began in 1999 and specializes in highly virtualized, dynamically tiered, multi-tenant storage arrays built for public and private cloud computing.
The purchase is one of a string in recent years by Dell and HP In 2007, Dell acquired EqualLogic for $1.4 billion, and HP bought LeftHand Networks for $360 million in 2008.
Justin Kern is associate editor at Information Management and can be reached at justin.kern@sourcemedia.com. Follow him on Twitter at @IMJustinKern.
Be the first to comment on this post using the section below.