John Paczkowski

Recent Posts by John Paczkowski

HP Raises 3Par Bid to $27 Per Share

3Par shareholders have gotten their wish.

Hewlett-Packard (HPQ) just upped the ante in the bidding war for the data storage vendor. Moments ago, HP said it was raising its bid for 3Par (PAR) to $1.8 billion, or $27 per share. This just hours after Dell (DELL) thought it had a new deal to acquire it for $1.6 billion, or $24.30 a share.

HP’s new offer trumps Dell’s by about 11 percent.

In a statement announcing the move, HP’s Executive VP Dave Donatelli dismissed Dell’s just-sweetened offer as inferior, and not just financially. “Our revised proposal offers superior value to 3PAR’s shareholders, while maintaining our disciplined approach to only pursuing acquisitions that we believe will strengthen our portfolio and create long-term value for our shareholders,” he said. “Not only is our offer superior to Dell’s proposal, HP remains uniquely positioned to execute on this combination given the number of synergies between the two companies.”

Your move, Dell.