HP gets in takeover scrap with Dell over 3PAR

It seems Dell may have a fight on its hands to keep its proposed acquisition of 3PAR on the rails.

Earlier this month Dell announced a deal to buy the virtusalisation-optimised storage company,  which makes a number of storage arrays designed to overcome cost and energy problems by delivering only the capacity and performance needed for actual storage and usage, for approximately $1.15 billion.

However just as we thought the deal had been signed, sealed and delivered it seems HP wants the company, and it’s serious.

It said that it has submitted to 3PAR a proposal to acquire all of the outstanding shares for $24.00 per share in cash, or at an enterprise value of $1.6 billion.

The proposed transaction represents a 33.3 percent premium above the price proposed by Dell.  HP’s proposal is not subject to any financing contingency and has been approved by HP’s board of directors. Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.

It said the addition of 3PAR’s next-generation storage architecture will accelerate HP’s “winning Converged Infrastructure strategy, which provides customers with an unmatched portfolio of intellectual property across storage, server and networking solutions.”

“HP’s proposal offers superior value to 3PAR’s shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR,” said Dave Donatelli, executive vice president and general manager, Enterprise Servers, Storage and Networking, HP.