Monday, September 22, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
PlayStation TV Coming October 14th
Samsung Galaxy Alpha And LG G3 Vigor Coming from AT&T
EMC In Merger Talks With Other Companies: reports
HTC To Make Next Google Nexus tablet: report
MediaTek Unveils LinkIt Platform to Support Wearable and IoT Device Creation
Apple iPhone Sales Top 10 Million
VESA Puts DisplayPort Into New USB Type-C Connector
Corsair Unleashes Gaming RGB Keyboards, RGB Mice, and Headsets
Active Discussions
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
 Home > News > General Computing > 3PAR De...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, August 30, 2010
3PAR Determines HP Proposal Is Superior Offer


3PAR's board of directors has finally determined that the unsolicited proposal by Hewlett-Packard Company to acquire all of 3PAR's outstanding common stock at $30 per share constitutes a "superior proposal".

The 3PAR board of directors notified Dell of its intention to terminate the merger agreement with Dell, immediately following the expiration of the three business day period contemplated by, and the satisfaction of the other conditions set forth in, the merger agreement with Dell, in order to enter into the merger agreement with HP on the terms set forth in HP's acquisition proposal.

The terms of 3PAR's merger agreement with Dell require the 3PAR board of directors to continue to recommend that 3PAR stockholders accept Dell's cash tender offer, and tender their 3PAR shares pursuant to Dell's tender offer, so long as the merger agreement with Dell remains in effect. Accordingly, at this time, since the merger agreement between 3PAR and Dell remains in effect, 3PAR's board of directors continues to unanimously recommend that 3PAR stockholders accept the cash tender offer made by Dell and tender their shares of 3PAR common stock pursuant to such offer.

The decision is likely to end the bidding war that has escalated this week, as both HP and Dell are trying to expand into new business areas.

3PAR is a leading global provider of storage solutions with advanced data management features for multi-tenant cloud-computing environments.

Prior to the new decision, 3PAR on Friday had accepted Dell's increased offer to acquire the storage leader for $24.30 per share in cash, or approximately $1.6 billion, net of 3PAR's cash.

Dell had previously signed an agreement to acquire 3PAR for $18 per share, with a provision for matching competing bids. Dell and 3PAR had signed an amendment to the agreement reflecting the offer price.

The bidding war, a rare occurrence in the tech sector, started earlier this week when HP bid $24 a share for 3PAR, topping Dell's $18-per-share deal.

Dell responded by striking a new deal with 3PAR at $24.30 per share and increasing the termination fee to $72 million from $53.5 million.

That had prompted HP to come back with a $27 per share bid last Thursday.


Previous
Next
Samsung Poised to Overtake Intel as Largest Semiconductor Maker Leader in DRAM by 2014        All News        Windows Live Sync to be Named Windows Live Mesh
Samsung Poised to Overtake Intel as Largest Semiconductor Maker Leader in DRAM by 2014     General Computing News      Windows Live Sync to be Named Windows Live Mesh

Get RSS feed Easy Print E-Mail this Message

Related News
EMC In Merger Talks With Other Companies: reports
Dell Creates Virtual Smartphone
IFA: Dell Updates Its PC Portfolio
HP Unveils New Detachable PCs And Colorful Chromebooks
HP Recalls Millions Of Power Cords
HP Reports Revenue Gain
HP SlateBook 14 Android Laptop Released
HP Says Internet of Things Devices Are Vulnerable to Attack
HP Pavilion 10z Laptop Uses An AMD Mullins Processor
HP To Settle Lawsuits Over Deal For Autonomy Acquisition
HP Works On 'Machine' New Server Hardware
HP Introduces The Apollo Supercomputer

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .