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WSJ: H-P Boosts 3Par Offer To $2.1 Billion; 3Par Calls Bid 'Superior'

THE WALL STREET JOURNAL Hewlett-Packard Co. (HPQ) boosted its offer for 3PAR Inc. (PAR) yet again, to $2.1 billion, and the maker of storage products used in cloud computing intends to terminate its deal with Dell Inc. (DELL) as H-P's latest offer was deemed "superior" to 3PAR's agreement with Dell, 3Par said. 3Par shares were up 4.7% at $33.60, showing investors believe the bidding war still isn't done. Dell was off 2 cents at $12.10 and H-P declined 3 cents to $39.18. The latest salvo in a bitter bidding war between the two technology giants comes more than two weeks after Dell initially announced its agreement to buy 3PAR for about $1.2 billion in cash, or $18 a share. On Aug. 23, H-P publicly announced its offer of $24 a share, which it proceeded to raise twice last week in two three-dollar increments. The latest offer is $33 a share. Last Friday, H-P raised its offer for 3PAR to $30 a share, giving Dell three days to match the offer under the terms of its existing merger agreement or drop out of the bidding. Dell's executives were exploring alternative proposals to save its deal to buy 3PAR, originally announced on Aug. 16, and mostly recently bid $32 and increased the termination fee. Dell still has three days to match the bid and it continues to evaluate its options, people familiar with the matter told The Wall Street Journal. -By Tess Stynes and Anupreeta Das, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for 3par (PAR)
DateTimeHeadline
09/23/201020:28:12Oracle CEO: 'You Could See Us Buy A Chip Company'
09/20/201016:39:08TECH STOCKS: Tech Stocks Rise On Latest Data Storage Buyout
09/13/201017:01:39TECH STOCKS: Microsoft, Chip Sector Lead Tech Surge
09/13/201014:38:05TECH STOCKS: H-P, ArcSight Deal Fuels Tech-sector Gains
09/08/201014:47:11H-P CFO Lesjak: CEO Search Committee Is Actively Interviewing...
09/08/201010:41:24Dell Seeks To Improve EMC Relationship After Failed 3Par Bid
09/07/201008:36:23TECH VIEW: Andreessen Plays Key Role As H-P Seeks New CEO
09/02/201018:57:26H-P Details $33-A-Share Tender Offer; 3Par Pays Dell $72 Million...
09/02/201017:01:59TECH STOCKS: Tech Stocks Close With Gains; H-P Wins 3Par Fight
09/02/201016:43:09MARKET SNAPSHOT: Stocks Log Gains Ahead Of Friday Jobs Report
09/02/201016:09:09MARKET SNAPSHOT: Stocks Creep Higher Near Close Of Trading
09/02/201015:21:05MARKET SNAPSHOT: Stocks Stay Close To Home Ahead Of Friday Data
09/02/201012:15:233Par Shares Fall Below H-P Bid After Dell Withdraws
09/02/201011:31:42TECH STOCKS: Tech Stocks Rise As H-P Wins 3Par Bidding War
09/02/201011:17:22MARKET SNAPSHOT: U.S. Stocks Waver After The Start
09/02/201011:13:12TECH STOCKS: Tech Stocks Rise As HP Wins 3Par Bidding War
09/02/201010:18:35WSJ: H-P Boosts 3Par Offer To $2.1 Billion; 3Par Calls Bid 'Superior'
09/01/201018:07:193Par Bidding Underscores Need to Integrate Cloud Technologies
08/31/201016:51:32TECH STOCKS: Chip-stock Losses Lead Weak Month For Techs
08/31/201011:35:12TECH STOCKS: Tech Stocks Muddle Through Another Mixed Session

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