HP wins 3PAR with $2.4 billion bid, Dell left defeated at the altar
In a bidding war that ended like a scene out of The Graduate, HP finally placed the winning bid for cloud storage and database automation firm 3PAR. The offer, clocking in at a hefty $2.4 billion is sure to make 3PAR’s shareholders very happy, and has finally proved to be too rich for Dell, who last offered $32 a share only to be topped by HP’s $33/share bid.
To recap, HP and Dell have been going at it since last week, with Dell making the initial unsolicited offer of $1.15 billion. Yes, if you’re doing the math right, that means HP is spending more than double the opening bid. Clearly, HP really wanted this one. And yes, this is also twice what HP paid for Palm, and this is for a company most hadn’t heard of before the bidding war began.
Pending approval from 3PAR’s shareholders, HP expects the acquisition to close by the end of the year, with HP integrating 3PAR’s automated database management and cloud storage systems into their various enterprise offerings.
Source: HP; Thanks to everybody that sent this in!