Last week 3PAR, the cloud-based virtualized data storage company, and Dell, issued a joint press release saying that Dell agreed to acquire 3PAR for $1.15 billion, or $18 a share.
Now, HP has weighed in with a cash offer of $1.6 billion, or $24 a share. HP claims in addition to providing the storage company with a 33 percent premium, 3PAR will benefit strategically from accepting the offer.
“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,” said Dave Donatelli, executive vice president and general manager, Enterprise Servers, Storage and Networking, HP. “We’ve seen great momentum with our Converged Infrastructure strategy, and 3PAR accelerates that strategy, particularly in cloud and scale-out markets.”
3PAR has not yet responded to the HP offer, and some analysts are speculating that other bidders may enter the competition, sparking a bidding war. Meanwhile, other data storage systems such as Commvault Systems have seen the price of their stock rise based on the 3PAR acquisition.
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