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HP ups the ante further, Dell bows out |
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The next superior proposal in the bidding war between Dell and HP over 3PAR, actually came from HP and not Dell. Marking the final round in the bidding, HP demonstrated just how badly it wants the virtualized storage solutions company under its wing. It announced a fourth upward revision of its tender offer to acquire all of the outstanding shares of 3PAR Inc. for $33 per share in cash, $3 per share more than its previous offer of $30 per share made on August 27. At the same time, Dell refused to revise its bid, choosing instead to terminate acquisition discussions with 3PAR. Dell said it is entitled to receive a $72 million break-up fee from 3PAR upon the termination of its merger agreement. “We took a measured approach throughout the process and have decided to end these discussions,” said Dave Johnson, senior vice president, corporate strategy. Dell’s final offer, which it said was not accepted by 3PAR’s board of directors, included a proposed commercial relationship and an increased break-up fee. Consequently, HP now gets 3PAR for a considerable premium and an enterprise value of around $2.3 billion, much higher than the initial $1.15 billion according to Dell's first bid. News reports said the acquisition also brought to the spotlight HP executive Dave Donatelli, a veteran from 3PAR's larger competitor EMC who came aboard HP a little over a year ago. 3PAR is being viewed as Donatelli's second successful run at HP, the first being the acquisition of 3Com for $2.7 billion in November 2009 that had Cisco as the adversary bidder. |
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