By Jesse Emspak: Subscribe to Jesse's RSS feed
September 2, 2010 2:33 PM EDT
Hewlett-Packard has offered 3PAR $33 per share, topping Dell's offer of $32. The new offer values 3Par at $2.07 billion.
3PAR's shares went up to $33.67 in the wake of the release, from $32.08 at the close Wednesday.
Dell has said it won't increase its offer -- essentially ending further discussions -- and will get a $72 million breakup fee on the termination of the merger agreement with 3PAR. 3PAR's board said the merger agreement with Dell remains in force, even though 3Par told Dell it planned to terminate it. In a release, Dell said the final offer included a $92 million breakup fee.
The merger agreement requires 3PAR's board to recommend Dell's offer to 3PAR shareholders, and the company said in its release it will still do so. HP's offer officially expires on Sept. 24.
Dell's offer is the subject of a class-action suit filed by the Steamfitters Local 449 pension fund. HP declined to comment on the case or its implications for the acquisition. A 3PAR spokesman declined to comment on the litigation, as did a spokeman for Dell and HP.
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Dell and HP have been engaged in a bidding war for 3PAR, which offers data storage to large businesses. Both HP and Dell have been looking carefully at the "cloud" storage business, which offers businesses access to data centers on a subscription basis.
HP and Dell are also both looking for growth. HP seeks to leverage 3PAR's storage offering to international clients, while Dell is trying to expand its enterprise offerings. Both companies are attracted to the high margins 3PAR can offer.
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