And the winner, finally, is … HP
After a seesaw battle of competing bids, Hewlett-Packard Co. outbid Dell Corp. for 3PAR Inc. They have entered into a definitive agreement under which HP will purchase 3PAR, a leading global provider of utility storage, through a cash tender offer of $33 per share in cash, or an enterprise value of $2.35 billion.
After a seesaw battle of competing bids between Hewlett-Packard Co.and Dell Corp. that began last month, HP and 3PAR Inc. have entered into a definitive agreement under which HP will purchase 3PAR, a global provider of utility storage, through a cash tender offer of $33 per share in cash, or an enterprise value of $2.35 billion.
The transaction has been approved by the boards of directors of both companies, according to a Sept. 2 HP statement.
“Combining 3PAR’s leading-edge utility storage products with HP’s existing storage solutions will strengthen HP’s unparalleled storage, server and networking portfolio,” the announcement said.
3PAR also announced that it has terminated its merger agreement with Dell Inc. and paid Dell the $72 million termination fee required as a condition to terminating their merger agreement, the statement added.
HP’s cash tender offer commenced on August 27, and it is scheduled to expire at 12:00 midnight, New York City time on September 24, subject to customary tender offer conditions being satisfied.
The final closing of the acquisition is expected to occur by the end of the calendar year, HP said.
Dell fired the opening salvo on Aug. 16, when it had signed an agreement to acquire 3PAR, in a transaction valued at approximately $1.15 billion, or $18 a share. Since then the two computer giants traded offers with the Fremont, Calif., company.
HP, of Palo Alto, Calif., ranks No. 12 on Washington Technology’s 2010 Top 100 list of the largest federal contractors. Dell, of Round Rock, Texas, ranks No. 11 on that list.