The bidding war between Hewlett-Packard and Dell over California-based storage vendor 3Par is over - and HP has emerged victorious, announcing that it will buy the small technology business for $33 per share.
The transaction has been approved by both HP's and 3Par's boards of directors, so it is now up to 3Par's shareholders to accept HP's offer price. In order for the deal to be completed, a simple majority - more than half - of the shareholders must tender their shares.
3Par sells a storage virtualization technology that allows companies to run their applications using far less storage space. The company's president and CEO, David Scott, said that being part of HP will allow 3Par to "truly thrive."
The deal, however, didn't come easy. The two-week bidding battle over the storage vendor began with an initial offer by Dell, but with HP coming out ahead, 3Par has had to pay Dell the $72 million termination fee that was part of their now-defunct merger agreement announced earlier this month. In addition, the back-and-forth has resulted in HP paying double Dell's initial offer of $1.2 billion to acquire the storage vendor.
HP also recently announced the release of the latest model in its 3D line of notebooks, the Envy 17 3D. The Envy 17 3D is the first 17-inch notebook PC that supports 1080p 3D and Blu-ray.
The transaction has been approved by both HP's and 3Par's boards of directors, so it is now up to 3Par's shareholders to accept HP's offer price. In order for the deal to be completed, a simple majority - more than half - of the shareholders must tender their shares.
3Par sells a storage virtualization technology that allows companies to run their applications using far less storage space. The company's president and CEO, David Scott, said that being part of HP will allow 3Par to "truly thrive."
The deal, however, didn't come easy. The two-week bidding battle over the storage vendor began with an initial offer by Dell, but with HP coming out ahead, 3Par has had to pay Dell the $72 million termination fee that was part of their now-defunct merger agreement announced earlier this month. In addition, the back-and-forth has resulted in HP paying double Dell's initial offer of $1.2 billion to acquire the storage vendor.
HP also recently announced the release of the latest model in its 3D line of notebooks, the Envy 17 3D. The Envy 17 3D is the first 17-inch notebook PC that supports 1080p 3D and Blu-ray.
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