Dell and HP continue to battle to get their hands on data storage provider 3Par, as HP just outbid Dell for the third time. Earlier today Dell matched HP's previous bid of $27 a share, but now HP strikes back by upping its bid to $30 a share. Under its agreement with 3Par, Dell has the opportunity to match other acquisition offers, and Dell will receive a $72 million termination fee if 3Par accepts an alternative offer.
3Par is currently trading at $31.62 (+21.48%), its shares have more than tripled since Dell launched a $18 acquisition bid on August 16.
Hewlett-Packard Co. topped Dell Inc. in the bidding for 3Par Inc. for the third time, agreeing to pay $30 a share or $2 billion for the data-storage provider.
Dell said today it would pay $27 a share for 3Par, matching Hewlett-Packard’s previous bid. Dell said in a statement that its earlier bid had been accepted by 3Par’s board. Dell started the public bidding at $18 a share on Aug. 16.
“They’re playing hardball,” Aaron Rakers, an analyst at Stifel Nicolaus & Co. said in an interview. “Both these guys have something to prove.”
Use Disqus to post new comments, the old comments are listed below.
Re: HP outbids Dell once more, offers $2 billion for 3Par by Anonymous on Friday, August 27 2010 @ 22:06:30 CEST
Much like Ebay bidding that can get out of hand, I sure hope both parties are really about the "real" value 3PAR represents. MS walked away from the Yahoo deal because good sense took over. The price is getting high enough that it would almost make more sense to start your own division and build a company like 3PAR from the ground up rather than overpay for something just because someone else is bidding.
The dollar has to go further and get more value now than ever before. And bad financial decisions these days can cost you your company.