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02 Sep 2010
HP's increased offer of $2.4bn (£1.6bn) for storage vendor 3Par has been accepted by the firm's board of directors.
3Par has confirmed that it has notified Dell, who has spent the past week vying with HP for the storage vendor’s affections, that it plans to terminate their existing merger agreement.
A post on 3Par’s website states: "The 3PAR board of directors has determined that HP’s revised proposal constitutes a superior proposal. Accordingly, 3PAR notified Dell of its intention to terminate its merger agreement immediately.”
Further reading
The statement reveals that HP was prompted to revise its bid of $2bn by Dell who, unbeknown to the industry, trumped this offer earlier today.
It also states that other terms included in Dell’s reworked merger agreement, which included raising the acquisition's termination fee to $92m, were deemed “unacceptable” by 3Par’s board.
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