Friday Frenzy: 3Par buyout enters round 3 as Dell refuses to let go
The bidding war for 3Par is getting interesting as Dell has once again matched HP’s earlier $1.8 billion bid for the utility storage provider.
Dell announced today that 3PAR has accepted its increased offer to acquire the storage company for $27 per share in cash, or approximately $1.8 billion, net of 3PAR’s cash. The new Dell-3PAR accord was reached under a provision in the existing agreement between the companies that allows Dell to match competing bids.
It remains to be seen whether HP will once again up the ante as fears that the bidding war may get out of control seem to be turning into a reality. HP has been on an acquisition spree of late, with the buyout of Stratavia, a privately held database and application automation company, being the latest.
With the much publicized exit of its CEO - Mark Hurd, HP seems to have gotten even more aggressive and it seems unlikely that it will accept defeat so easily. However, with the recent cash splurging that the company has been upto, it will be interesting to see at what stage the company’s board decides to pull out from this race.
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