HP Launches $1.6 Billion Bid For Storage Company 3PAR
HP today announced that it has submitted to 3PAR Inc. a proposal to acquire all of the outstanding shares of 3PAR for $24.00 per share in cash, or an enterprise value of $1.6 billion. The proposed transaction represents a 33.3 percent premium above the price proposed by Dell Inc. HPs proposal is not subject to any financing contingency and has been approved by HPs board of directors. Once approved by 3PARs board, HP expects the transaction to close by the end of the calendar year.
In addition to the compelling value offered by our proposal, there are unparalleled strategic benefits to be gained by combining these two organizations. HP is uniquely positioned to capitalize on 3PARs next-generation storage technology by utilizing our global reach and superior routes to market to deliver 3PARs products to customers around the world. Together, we will accelerate our ability to offer unmatched levels of performance, efficiency and scalability to customers deploying cloud or scale-out environments, helping drive new growth for both companies.
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