Holders of 33 Percent of 3PAR Stock Back HP Offer

Storage vendor says it has paid Dell $72 million termination fee.

September 3, 2010

D.H. Kass

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3PAR Inc. said today that holders of 33 percent of its outstanding stock already have agreed to Hewlett-Packard Co.’s offer to acquire the storage company for $33 a share or $2.35 billion.

In an 8-K Securities and Exchange Commission (SEC) filing, 3PAR said that owners of “approximately 33% of the outstanding stock of the Company have entered into a tender and voting agreement” to affirm the merger agreement with HP.

3PAR also confirmed that it has paid $72 million it owed Dell Inc. for terminating the prior merger agreement between the two companies.

HP won the three-week long bidding war for 3PAR when the $200 million storage vendor rejected Dell’s last ditch $32 per share proposal in favor of HP’s bid.

Dell subsequently declined to raise its offer for 3PAR and withdrew from the bidding.

TAGS: Dell,HP,3PAR,shareholders,Storage

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