HP Wins Bidding War for 3Par

hp and dell in outright bidding war for 3par

Hewlett-Packard has won the fight to acquire cloud storage vendor 3Par by offering $33 per share for the company—a total of about $2.07 billion—and computer maker Dell has said it won’t match the offer. By virtue of being the first to enter into an acquisition agreement with 3Par, Dell merely had to match any competitive offers that came in during the acquisition window. On Wednesday, Dell offered $32 a share for 3Par on Wednesday, with HP quickly jumping to $33 per share. Less than an hour later, Dell announced it would not match the offer.

Dell and HP have been one-upping each other since Dell first announced an agreement to acquire 3Par on August 16. The original deal was for $18 per share, and the bidding war has certainly had a benefit for 3Par’s investors: HP’s final offer of $33 per share is an 83 percent higher price tag for the company.

In a statement, 3Par also indicated that Dell’s revised offer to acquire the company contained terms and conditions the company found unacceptable, including a multi-year reseller agreement with Dell that would have allowed Dell to continue reselling 3Par services even if Dell failed to acquire the company. Dell’s revised proposal also had a poison pill clause designed to end the bidding war: if 3Par accepted the proposal and then decided to accept a “superior” proposal from another company like HP, 3Par would have had to pay an increased termination fee of $92 million.

Both computer makers are interested in 3Par as a way to build up their cloud computing and virtualization operations, enabling the companies to host cloud-based services and data storage services for corporations and businesses on a subscription basis. Enterprises and organizations are currently turning to cloud-based computing solutions as an alternative to building and maintaining their own server infrastructures.

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