HP outbids Dell, offers $1.6 billion for 3PAR

– HP gave Dell a wakeup call this morning by offering to acquire 3PAR for $1.6 billion, a bid that is 33% higher than Dell's $1.15 billion offer last week. HP has submitted a proposal to acquire all of the outstanding shares of 3PAR for $24 a share, compared to Dell's offer of $18 per share, possibly setting off a bidding war.

In a letter to 3PAR president and CEO David Scott, HP's Shane Robison, executive vice president and chief strategy and technology officer, called HP's offer a "Superior Proposal as defined in your merger agreement with Dell. HP's proposal is not subject to any financing contingency."

Read the full story, which includes the text of HP's offer letter to 3PAR, on InfoStor sister site Enterprise Storage Forum: "HP, Dell in Bidding War for 3PAR."

This article was originally published on August 23, 2010