Aug. 26, 2010 – Utility storage leader 3Par accepted an acquisition offer by Dell of $24.30 per share in cash, or $1.6 billion, this morning after a week-long bidding battle with rival Hewlett-Packard.
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.
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