Last Minute: HP Increases Proposal to $2 Billion for 3par

Here are two press releases,
the first one from HP, the second one from 3PAR

HP Announces Revised Proposal
to Acquire 3PAR for $30 per Share in Cash

HP has increased its proposal to acquire all of the outstanding shares of 3PAR Inc. to $30 per share in cash, or an enterprise value of $2.0 billion.

The proposal represents an 11 percent premium above the most recent price offered by Dell Inc. of $27 per share.

HP’s proposal is not subject to any financing contingency and has been approved by HP’s board of directors.

Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.

3PAR Determines HP Proposal Is Superior Offer
HP’s Bid Valued at Approximately $2 Billion

3PAR, Inc. has determined that the unsolicited proposal by Hewlett-Packard Company
to acquire all of 3PAR’s outstanding common stock at $30 per share
constitutes a ‘superior proposal’ (as that term is defined in 3PAR’s
previously announced merger agreement with Dell, Inc.).

The 3PAR board of directors notified Dell of its intention to terminate
the merger agreement with Dell, immediately following the expiration of
the three business day period contemplated by, and the satisfaction of
the other conditions set forth in, the merger agreement with Dell, in
order to enter into the merger agreement with HP on the terms set forth
in HP’s acquisition proposal.

The terms of 3PAR’s merger agreement with Dell require the 3PAR board of
directors to continue to recommend that 3PAR stockholders accept Dell’s
cash tender offer, and tender their 3PAR shares pursuant to Dell’s
tender offer, so long as the merger agreement with Dell remains in
effect. Accordingly, at this time, since the merger agreement between
3PAR and Dell remains in effect, 3PAR’s board of directors continues to
unanimously recommend that 3PAR stockholders accept the cash tender
offer made by Dell and tender their shares of 3PAR common stock pursuant
to such offer.