Thursday, July 30, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Researchers Showcase Javascript-based Attack On a Computer's DRAM
Hackers Used Twitter hashtags To Extract Data From Compromised Networks
Facebook Unveils New Security Checkup Tool
Court of Appeals Rejects Google's Move To Overturn Microsoft's Patent Royalty Victory
Toshiba Expands Lineup of Phase Detection Auto-Focus-equipped CMOS Image Sensors for Smartphones
Sony Profit Rises Following Demand For Mobile Cameras
Facebook Profit Fell In 2Q
Galaxy S6 Sales Not Enough To Keep Samsung's Profit High
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 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
Dell Releases TLC-based Flash Storage Arrays
Dell Introduces The Fully Rugged Latitude 12 Tablet
HP to Deliver hardware, solutions and services to support Windows 10
HP and Intel Outline Their HPC Plans
Hewlett-Packard Officially Files to Split
Dell Delivers New PowerEdge C-Series Platform
HP Launches New Pavilion Detachable PC and ENVY Notebooks
HP Sprout Enables Full 3D Scanning
HP Settles With Autonomy
HP's Futuristic 'Machine' Computer To Reach Software Developers Next Year
Computex: New Dell Inspiron Laptops, 2-in-1 and Desktop Devices For Everyday Computing Needs
HP Reports Mixed Q2 Results

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .