H-P Details $33-A-Share Tender Offer; 3Par Pays Dell $72 Million Fee
September 02 2010 - 6:57PM
Dow Jones News
DOW JONES NEWSWIRES
Hewlett-Packard Co. (HPQ) said late Thursday that it agreed to
buy 3Par Inc. (PAR) through a cash tender offer of $33 a share, and
3Par confirmed it paid Dell Inc. (DELL) a $72 million termination
fee to end their merger agreement.
Dell bowed out of the bidding earlier in the day after H-P
offered $33 a share for the data-storage company.
The ceasefire between the tech titans ended quite a run for
3Par, whose shares more than tripled in value in the past few
weeks. They traded for less than $10 before Dell's initial offer of
$18 on Aug. 16.
H-P's cash tender offer is scheduled to expire at midnight EDT
Sept. 24. The merger is expected to close by the end of the
year.
3Par's shares were at $32.86, down 2 cents, in after-hours
trading. H-P's closed at $39.68 and Dell's at $12.36. Both were
inactive after hours.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com
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