LOGIN
REGISTER
NEWSLETTER
RSS
News |
HP really wants 3PAR, but will Dell let go? |
|
|
HP has, yet again, revised its offer for 3PAR, the virtualized storage solutions company that is sought after by rival Dell.  A quick recap of the bidding thus far - Dell initially bid $18 per share, but was outdone by HP's offer of $24 per share. Consequently, Dell revised its bid to $24.30 per share, prompting HP's response of a revised offer of $27 per share that valued 3PAR at $1.8 billion. Soon thereafter, Dell upped its bid to $27 per share, matching HP's offer and putting out a statement saying that 3PAR had accepted this revised offer, ostensibly under a provision in the existing agreement between the companies that allows Dell to match competing bids. (Turns out, the 3PAR board is bound by the agreement to recommend Dell's offers to stockholders, but more on that later.)HP, therefore, responded with its third revision, increasing its proposal to acquire all outstanding 3PAR shares for $30 per share in cash, this time valuing the enterprise at $2 billion, a far cry from the $1.15 billion as per Dell's original offer. HP said its proposal represents an 11 percent premium above the most recent price offered by Dell, the $27 per share it bid to match HP's previous offer. 3PAR, in the meanwhile, is elated being the center of attention of both rival suitors. Seeing its stock spiral in value with each passing day could be nothing short of a dream come true. However, to clarify its stance, the company's board put out a statement terming the “unsolicited proposal” by Hewlett-Packard Company to acquire all of its outstanding common stock at $30 per share a “superior proposal.” “Superior Proposal” is the term defined in 3PAR’s previously announced merger agreement with Dell. The statement also said that the company's board has notified Dell of its intention to terminate their merger agreement, immediately following the expiration of the three business day period and the satisfaction of the other conditions set forth in the merger agreement, “in order to enter into the merger agreement with HP on the terms set forth in HP’s acquisition proposal.” Even so, there is definitely some humor in the situation. According to the terms of 3PAR’s merger agreement with Dell, the 3PAR board of directors has to continue to recommend to 3PAR stockholders to accept Dell’s cash tender offer so long as the merger agreement with Dell remains in effect. Therefore, despite calling HP's offer a “superior proposal”, the 3PAR board clarified in its statement, that it is still recommending unanimously that 3PAR stockholders accept the cash tender offer made by Dell. What everyone is definitely waiting to see, is a “superior proposal” from Dell, and whether that will mark the beginning of round four. |
LISTS AND RESEARCH
-
Global Software Top 100 - Edition 2011
- The Global Software Top 100 is a list of the world's largest software companies, ranked by annual software revenues. The list is based upon revenue information of 10,000+ IT companies worldwide.
-
Software industry trends (2011)
- This research article (accompanying the Global Software Top 100) describes changes in the software industry playing field. It analyses trends and key players and forecasts future developments.
- Top hardware companies
- A list of the world's largest hardware companies.
- What happens in the hardware industry?
- Trends and analysis of the hardware industry and its key players.
- Top IT services companies
- A list of the world's largest IT services companies, ranked by annual services revenues. This link will take you to www.servicestop100.org.
- IT services companies: healthy growth
- What is happening in the IT services industry? Read this research publication to find out about trends and key players in the IT services industry.
- Top gaming companies (2010)
- Entertainment is good business, and gaming software companies are growing faster than the rest of the software industry. This research article discusses trends and key players in the gaming business.
- Top ERP companies
- A research publication about the world's leading players in enterprise software.
- Top security software companies
- A research publication discussing the world's leading publishers of security software: antivirus-, spamfiltering-, intrusion detection- and firewall software.
- The fastest growing software companies
- This research publication reveals the fastest growing software companies in the world.
-
CRM companies: a short list
- A short list of the leading software companies selling Customer Relationship Management software; aimed at IT managers looking to purchase CRM software.
- Top software companies in the US (2010)
- A list of the largest software companies in the United States, ranked by annual software revenues. 2010 Edition, posted 15 December 2010.
- U.S. software industry trends (2010)
- A research publication discussing the trends and the key players in the software industry in the United States. Posted 15 December 2010.
- Top companies in the world (not just software)
- A general list of the largest companies in the world, ranked by revenues. Not just software companies; in fact, there are no software companies in it...
- Top IT companies
- A list of the largest IT companies in the world, ranked by annual revenues. Includes hardware, software and services.
