HP has proposed to acquire data storage company 3PAR for $24 per share in cash, or roughly $1.6 billion. Thus, it trumps Dell’s offer to buy out the company for $18 per share or $1.13 billion.
The proposed transaction represents a 33.3 percent premium above the price proposed by Dell, is not subject to any financing contingency and has been approved by HP’s board of directors. If and once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.