3PAR board chooses HP over Dell
3PAR (NYSE: PAR), a global provider of utility storage, has announced that its board of directors has determined that the ‘unsolicited proposal’ by Hewlett-Packard to acquire all of 3PAR’s outstanding common stock at US $30 per share is a ’superior proposal’. The cumulative bid made by HP is approximately US $2 billion. Immediately after the expiration of the three business day period and the satisfaction of the other conditions, 3PAR has notified Dell of its intention to terminate the merger agreement it had signed at the time when the Round Rock-based company had made its first bid. Dell has been notified that 3PAR has entered into a merger agreement with HP as per the new acquisition proposal.
However, according to the terms of 3PAR’s merger agreement, 3PAR’s board of directors is required to continue to recommend that its stockholders accept Dell’s cash tender offer, and tender their 3PAR shares in conformance to Dell’s tender offer, so long as the merger agreement with Dell remains in effect. Since the merger agreement between 3PAR and Dell is still in effect, 3PAR’s board of directors is still recommending that 3PAR stockholders accept the cash tender offer made by Dell and tender their shares of 3PAR common stock pursuant to such offer.
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