Both companies sign amendments on their previously announced merger agreement
3PAR, a provider of utility storage, has said that it has accepted an increased offer to be acquired by Dell for a price of $24.30 per share, or approximately $1.6bn, net of 3PAR’s cash.
3PAR and Dell have signed an amendment to their previously announced merger agreement reflecting the new offer price and a revised termination fee of $72m, which is payable in the event that 3PAR receives and accepts another unsolicited acquisition proposal that its board determines to be superior to Dell’s.
3PAR said that the cash tender offer was started on 23 August 2010 by Dell, through a wholly-owned subsidiary, for all outstanding shares of its common stock, without interest, and subject to reduction for any federal back-up withholding or other taxes.
Earlier, HP had proposed a $1.6bn, or $24 per share in cash bid, to acquire all of the outstanding shares of 3PAR.