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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Notable 52-Week High's and Low's of the Day 09/02: PAR, AKAM, SPRD, MRX High; HERO, PSS Low
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HP Wins 3Par Bidding War As Dell Backs Out
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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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Notable Mergers and Acquisitions of the Day 09/02: PAR/HPQ, BKC, HTZ/DTG/CAR
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Dell (DELL) Throws in the Towel in 3PAR (PAR) Bid; Will Receive $72M Break-Up Fee
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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 Up 5% On Reports HP Raised Bid to $33
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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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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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Shareholders: Thanks For the Offer, But We Want More
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HP Raises Buyback Plan by $10 Billion, As Bidding War for 3Par Continues
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3PAR (PAR) Board Determines HP's (HPQ) $30/Share Offer is Superior to Dell's (DELL) Offer
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Top 10 News Items: Frenzied Bidding War for 3Par, Bernanke Stands Ready, Intel Warns But Trades Higher
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Unusual 11 Mid-Day Movers 08/27: NZ, WPCS, PAR, DLLR, CML, PRLS Higher; IMGN, OVRL, EFOI, JCG, UEPS 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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Notable Mergers and Acquisitions of the Day 08/27: HPQ/PAR/DELL, HS, MDCI
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HP Goes High-Bid In Frenzied 3Par Bidding War
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Dell (DELL) call volume light on bidding war against HPQ for 3Par
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"3PAR Alternatives" See Action On Frenzied Bidding War (ISLN, CVLT, CML, XRTX, STEC, BRCD, LSI)
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3Par (PAR) Moves Above $31 On New $30 Offer from HP
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3PAR (PAR) Shareholders Expect a Higher Bid, Stock 7% Above Latest Bid
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Dell Matches HP's $27/Share Offer for 3PAR
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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
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Dell Tops HP's Rival Bid for 3Par (PAR)
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Notable Mergers and Acquisitions of the Day 08/26: PAR/DELL, HPQ, CSCO
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Dell (DELL), 3PAR (PAR) Shares Bouncing Off Pre-Market Lows Following Knee-Jerk Move Down
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3Par (PAR) Accepts Dell's Sweetened $24.30/Share Takeover Bid; $1.6B Total Consideration
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3PAR (PAR) Down 3% Following Raised
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3PAR (PAR) accepts Dell's (DELL) increased price of $24.30/share
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Notable 52-Week High's and Low's of the Day 08/25: PAY, PAR, KGJI High; BAC, SCHW, AIB, CSCO Low
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3PAR (PAR) Sees Interest On Reports Dell (DELL) Is Preparing a Higher Bid
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3PAR (PAR) Hasn't Yet Determined That HP Bid is 'Superior' to Dell's; Gives Dell 3 Days to Amend Offer
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Wall Street Hubbub 8/24: 3PAR On 'Most Wanted' List, New Alliance (NAL) Spread Tightens, ARM (ARMH) Making Datacenter Inroad, A Hedgie Blowup?
