3PAR gives Dell 3 days to outbid HP buyout offer

Aug 24, 2010

Data storage firm 3PAR on Tuesday gave computer-making giant Dell three days to revise its acquisition offer after rival Hewlatt-Packard made a superior bid.

HP announced on Monday a 1.6 billion dollar offer to purchase 3PAR stocks for 24 dollars per share in cash, representing a 33.3 percent premium above Dell's offer last week for 1.15 billion dollars.

In a statement to the Securities and Exchanges Commission on Tuesday, 3PAR said Dell had 72 hours to revise its offer before it would take HP's "superior proposal."

"3PAR has given three business days to negotiate an amendment to its merger agreement with 3PAR," it said.

The acquisition bid highlights the computer manufacturers' effort to target advanced and more complex computer systems as the personal desktop and laptop market near their peak, analysts said.

HP said the acquisition would accelerate its so called "converged infrastructure strategy, which provides customers with an unmatched portfolio of across storage, server and networking solutions."

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