3Par/Dell/HP
On September 2, 2010, 3Par (NYSE: PAR) agreed to be acquired by Hewlett Packard Co. (NYSE: HPQ) for $33 per share, or $2.4 billion, after an feverish bidding war with Dell (Nasdaq: DELL).
Bidding for 3Par started on August 16, when Dell announced an agreement to acquire the company for $18 per share, which was a hefty premium to the prior day's close of $9.65.
A week after that initial bid, HP raised the stakes by offering $24 per share or $1.5 billion. Dell then raised its bid to $24.30.
The back and forth continued until it reached a crescendo after Dell's last $32 offer was topped by the final HP bid of $33. Dell wouldn't offer more and decided to back off.
The two companies have made sophisticated PCs affordable through price wars in recent years, but the cost of parts has risen and profits have shrunk. The companies see previously little known 3Par as a tool to improving their "cloud computing" businesses, as more companies are moving to in to the cloud rather than buying their own servers.
HP said that it expects the deal to close by the end of the fourth quarter.
Bidding for 3Par started on August 16, when Dell announced an agreement to acquire the company for $18 per share, which was a hefty premium to the prior day's close of $9.65.
A week after that initial bid, HP raised the stakes by offering $24 per share or $1.5 billion. Dell then raised its bid to $24.30.
The back and forth continued until it reached a crescendo after Dell's last $32 offer was topped by the final HP bid of $33. Dell wouldn't offer more and decided to back off.
The two companies have made sophisticated PCs affordable through price wars in recent years, but the cost of parts has risen and profits have shrunk. The companies see previously little known 3Par as a tool to improving their "cloud computing" businesses, as more companies are moving to in to the cloud rather than buying their own servers.
HP said that it expects the deal to close by the end of the fourth quarter.
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Morning Movers 9/2: BKC, SCMR, HWD, PIR, MPEL, JWN, CRME, UTIW, ZUMZ, JACK, WEN, PAR Higher; MOV, MATK, PSS, AZPN, ANF, CGA, TSN Lower
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Dell (NYSE: DELL) ends bidding for 3Par (NYSE: PAR)
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Wild Bidding War for 3Par (PAR) Goes On
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Dell's (DELL) offer for 3Par (PAR) was $32
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3PAR, Inc. (PAR) confirms new $33/share HP (NYSE: HPQ) bid, calls it "superior"
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3PAR Up 5% On Reports HP Raised Bid to $33
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HP (NYSE: HPQ) raise bid for 3Par (NYSE: PAR) to $33 - WSJ
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Trader Have Eyes On 3Par (PAR) On Possible Dell Move
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3PAR (PAR) Sees Downside Ahead of Dell's Expected Move
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Wall Street Hubbub 8/31: Saks In the Crosshairs, JPMorgan To Close Prop-Trading, Dean Foods Takeover Chatter, Dell Up To Bat on 3PAR
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3Par (PAR) volatility low; shares trade above HPW acquisition bid
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Olympia Capital End of Day Summary: Stocks Slide as Trade Turns Cautious
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3Par (PAR) Moves Back to Break-Even
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Wall Street Hubbub 8/30: A Higher Bid for Genzyme, Cisco After Skype, EMC Could Be a Takeover Target
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Shareholders: Thanks For the Offer, But We Want More
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Active equity option families in first 30-minutes of trading: AAPL C HPQ GENZ PAR
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Morning Movers 8/30: ADAM, COGT, CRNT, FOSL, CSGS, GENZ Higher; DGIT, LULU, PAR, INTC Lower
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Morning Movers: NZ, PAR, DLLR, MCRS, ARUN, SPWRA, BEBE, ARST, FIRE, TSO Higher; IMGN JGG, TIF
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3Par (PAR) accepts $27 offer from Dell (DELL)
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After-Hours Movers 8/26: NZ, PAR, LAVA, BEBE, MCRS, IMMU, IFLG Higher; JCG, OVTI, QADI, DLLR Lower
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HP (HP) Takes 3PAR (PAR) Bidding War to the Next Level
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Bidding War for 3PAR (PAR) Heats Up, HP Goes to $27
