August 23, 2010 – HP has submitted a proposal to acquire all the outstanding shares of 3PAR for $24.00 per share in cash, or an enterprise value of $1.6 billion. The proposed transaction represents a 33.3 percent premium above the price proposed by Dell Inc.
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.
HP believes that it is uniquely positioned to unlock 3PAR’s potential given HP’s global reach and commitment to innovation. The addition of 3PAR’s next-generation storage architecture will accelerate HP’s winning Converged Infrastructure strategy, which provides customers with an unmatched portfolio of intellectual property across storage, server and networking solutions. 3PAR’s highly scalable storage systems will further strengthen HP’s ability to deliver the highest levels of performance, efficiency and reliability to customers worldwide. The combination will bolster HP’s storage offerings and diversify its portfolio across key growth markets.
“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,” Dave Donatelli, executive vice president and general manager, Enterprise Servers, Storage and Networking, HP was quoted to say.
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