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Source: Dell plans sweeter 3Par bid after HP trump
The exact timing and amount of Dell’s offer are not known. The person said Dell’s bid will likely top HP's offer Monday of $1.5 billion, although according to a filing with the Securities and Exchange Commission, Dell only needs to match HP's offer to stay in the running.
The person spoke on condition of anonymity because the person is not authorized to speak publicly about the offer.
Under the terms of the merger agreement spelled out in an Aug. 16 regulatory filing, 3Par can void its agreement with Dell in order to accept a better offer if Dell fails to match the terms in a counteroffer.
The filing said 3Par, which is based in Fremont, Calif., would continue to recommend a deal with Dell to its shareholders until its board determines that HP's offer is better. If 3Par’s board decides it prefers HP's offer, 3Par would notify Dell, and Dell would have three days to respond with another bid.
Both companies see 3Par’s data storage technology supporting their race into more profitable markets than personal computers _ in this case, “cloud computing.” Many companies aren’t buying their own computer servers for certain tasks anymore, but are instead paying to have software they would have stored on those machines delivered to them over the Internet.
Dell, HP and others are trying to take advantage of the trend by offering those kinds of cloud-computing services directly on a subscription basis, along with the equipment and software for customers to build their own cloud systems.
Data storage is a critical cog in those systems. The technology from 3Par is particularly appealing because it can offer more or less space on the fly, making storage more efficient and less expensive.
Shares of 3Par slipped 28 cents Wednesday to close at $26.76, still more than what Dell and HP are offering on a per-share basis. Shares of Dell, which is based in Round Rock, Texas, gained 20 cents to close at $11.79, while shares of Palo Alto, Calif.-based HP fell 15 cents to close at $38.24.
By Donald Lambro
Growth spikes are little more than trend-free anomalies
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