3PAR Bidding War Hits $2B

By CIOinsight  |  Posted 08-27-2010
To say that modestly profitable utility storage maker 3PAR is a company in the right place at the right time would be a massive understatement.

The Dell versus Hewlett-Packard bidding war for the smallish Fremont, Calif.-based enterprise storage company took two huge steps only minutes apart Aug. 27 when 3PAR, by far the hottest property in the storage business, received an offer from Dell matching HP's $1.8 billion bid and accepted it, apparently ending the four-day-long, high-stakes bidding war between the two IT superpowers.

Then, as soon as the word went out about the apparent end to the bidding process, HP lashed back with yet another offer: this time for a cool $2 billion, which at $30 per share is about 11 percent higher than Dell's most recent bid of $27.

Dell's match of HP's offer was written into its original Aug. 23 agreement with 3PAR. HP's offers are unsolicited.

For more, see the eWeek article HP Now at $2B in 3PAR Bidding War With Dell for 3PAR.