HP Makes Rival Bid for 3Par
Dell, which made an $18-per-share tender offer for Fremont, CA-based storage virtualization company 3Par (NASDAQ: PAR) last week, now has a competitor. Palo Alto, CA-based Hewlett-Packard announced today that it will offer $24 per share or roughly $1.6 billion, which is about $450 million more than Dell’s offer. HP executive vice president David Donatelli told the San Jose Mercury News that 3Par’s technology would bolster HP’s strategy to offer a “converged infrastructure” for corporate data centers. The news carried 3Par’s stock as high as $25.83 this morning, up more than 40 percent over Friday’s close.