Hewlett-Packard wins bidding war for 3Par

Computer maker Dell Inc. withdrew Thursday from the three-week bidding war over tiny data storage company 3Par Inc., which quickly accepted the latest offer at $33 a share from Dell rival Hewlett-Packard Co.

HP's final bid, which values the Fremont, Calif., company at $2.4 billion, came Thursday morning. Dell wasted little time responding: An hour later, it threw in the towel.

Dell started the bidding Aug. 16 with an offer of $18 a share, or about $1.13 billion. HP, looking to expand beyond its basic manufacturing line, quickly upped the ante, and the subsequent tug of war turned 3Par into a sweetheart.

With barely $200 million in annual sales, losses in each of its three years as a public company and a stock price stuck below $10 a share, 3Par seemed an unlikely prize.

Read Full Article from Los Angeles Times

- Posted: 2010-09-02 21:26:54

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