The Mad Bidding For 3Par Continues

3Par announced that it received a revised proposal from Hewlett-Packard Company to acquire all of 3PAR’s outstanding common stock at $33 per share, which is an increase from its previously announced offer price of $30 per share.

The 3PAR board of directors has determined that HP’s revised proposal constitutes a “Superior Proposal” (as that term is defined in 3PAR’s merger agreement with Dell). Accordingly, 3PAR notified Dell of its intention to terminate its 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, its merger agreement with Dell in order to enter into a merger agreement with HP on the terms set forth in HP’s revised acquisition proposal, according to 3Par

Count on Dell to make another bid. 3Par’s shares are going to $100

Douglas A. McIntyre