3Par Accepts Dell's Raised Bid of $27/Share

By Tim - http://stockstobuy.org

Dell announced today that 3PAR has accepted its increased offer to acquire the storage leader for $27 per share in cash, or approximately $1.8 billion, net of 3PAR’s cash. The new Dell-3PAR accord was reached under a provision in the existing agreement between the companies that allows Dell to match competing bids.

Dell continues to believe that the acquisition of 3PAR, with its industry-leading storage technology, is important to its customers and will enhance Dell’s position in utility-storage solutions. Consistent with its previous rationale for the acquisition, Dell also believes that its global brand and broad global reach will dramatically accelerate 3PAR’s revenue growth.

The cash tender offer, through a wholly-owned Dell subsidiary, is for all outstanding shares of 3PAR common stock, without interest, and subject to reduction for any federal back-up withholding or other taxes. The offer documents will be amended to reflect the new offer price, but this will not alter the timing of the acquisition. Unless extended, the tender offer and any withdrawal rights to which 3PAR stockholders may be entitled will expire at midnight, EDT, on Sept. 20, 2010. Following acceptance for payment of shares in the tender offer and completion of the transactions contemplated in the merger agreement, 3PAR will become a wholly-owned subsidiary of Dell. Full Article Here

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Dell Bids $24.30 for 3Par Inc: Dell offer appears Good!

Dell Inc. (DELL) raised it's bid for 3Par Inc (PAR) this morning to $24.30. 3Par appears to be accepting the offer leaving Hewlett-Packard (HPQ) in the dust.

3PAR Accepts Dell's Increased Price of $24.30 Per Share, with Total Enterprise Value of $1.6 Billion

Dell Inc. (DELL) announced today that 3PAR has accepted its increased offer to acquire the storage leader for $24.30 per share in cash, or approximately $1.6 billion, net of 3PAR's cash. 3PAR is a leading global provider of storage solutions with advanced data management features for multi-tenant cloud-computing environments.

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

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