 "Dell Assessing 3PAR Offer After HP Trumps Bid")
Dell said it was assessing its bid for 3PAR after the data storage company’s board of directors late on Friday said Hewlett-Packard Co’s $2 billion offer was a ‘superior proposal’.
3PAR had also notified Dell Inc of its intention of terminating its merger agreement. Dell has three business days to match HP’s offer under its merger agreement with 3PAR.
“We will make a decision in the best interest of our customers and shareholders and make that known when it becomes appropriate,” said David Frink, spokesperson, Dell.
The move is the latest volley in an intense bidding war between technology giants HP and Dell for the high end data storage company 3PAR. On Aug 27, HP raised its bid to $30 per share, or $2 billion, less than 3 hours after Dell announced 3PAR had accepted its bid of $27 per share, which matched HP’s previous offer.
“We have an existing agreement with 3PAR that gives us the right to match any competitive offer. We are assessing it at this time,” said Frink.
The bidding war, a rare occurrence in the tech sector, started last week when HP bid $24 a share for 3PAR, topping Dell’s previous $18-per-share deal.
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