Bidding for 3Par: Dell says $27, HP says $30

Ever faster, ever higher come the acquisition offers for storage specialist 3Par, which both Dell and HP are seeking to help boost their cloud-computing lineups.

Stop us if you've heard this before: Dell says 3Par has agreed to a buyout proposal. And Hewlett-Packard has made a counteroffer.

On Friday morning, Dell announced that storage company 3Par had accepted Dell's third acquisition offer, this one at $27 per share, putting the total value of the cash offer at about $1.8 billion.

Money

That bid matched a counteroffer from HP , which came Thursday afternoon.

But wait! Two hours after Dell boosted its bid, HP did the same--it's now offering $30 a share. For those more interested in big, round numbers, HP's hot-off-the-presses offer Friday morning would put the total value of a 3Par acquisition at about $2 billion.

Dell and HP are both interested in 3Par for the storage and data management savvy it would bring to their cloud-computing offerings for enterprise customers.

The Dell-3Par agreement includes provisions that allow Dell to match competing bids.

On Thursday, HP offered $27 per share for 3Par in response to Dell's second proposal, at $24.30.

The bidding war got under way after Dell's initial offer earlier this month to buy 3Par for $18 per share, or about $1.15 billion total. A week later, HP countered with a bid of $24 per share.

Both Dell and HP continue to expect that the deal--whichever one eventually comes to fruition--will close before year's end.

See also: David Scott of 3Par, take a victory lap

Update 6:48 a.m. PDT: Story now includes information about HP's latest counteroffer.

About the author

Jonathan Skillings is managing editor of CNET News, based in the Boston bureau. He's been with CNET since 2000, after a decade in tech journalism at the IDG News Service, PC Week, and an AS/400 magazine. He's also been a soldier and a schoolteacher, and will always be a die-hard fan of jazz, the brassier the better.

 

Join the discussion

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

HOT ON CNET

Mac running slow?

Boost your computer with these five useful tips that will clean up the clutter.