Tops Dell by 11% premium
HP has increased its proposal to acquire all of the outstanding shares of 3PAR to $27.00 per share in cash, or an enterprise value of $1.8bn.
The proposed transaction represents a 11% premium above the most recent price offered by Dell of $24.30 per share.
HP said that its proposal is not subject to any financing contingency and has been approved by its board of directors.
Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.
HP EVP and general manager of Enterprise Servers, Storage and Networking Dave Donatelli said that the revised proposal offers superior value to 3PAR’s shareholders, while maintaining the company’s disciplined approach to only pursuing acquisitions that they believe will strengthen HP’s portfolio and create long-term value for its shareholders.