3PAR gives Dell three days to outbid HP buyout offer

Data storage firm 3PAR has given computer-making giant Dell three days to revise its acquisition offer after rival Hewlatt-Packard made a superior bid.

HP announced a $1.6 billion offer on Monday to purchase 3PAR stocks for $24 per share in cash, representing a 33.3 per cent premium above Dell’s offer last week for $1.15 billion.

In a statement to the Securities and Exchanges Commission, 3PAR said Dell had 72 hours to revise its offer before it would take HP’s “superior proposal.”

“3PAR has given Dell three business days to negotiate an amendment to its merger agreement with 3PAR,” it said.

The acquisition bid highlights the computer manufacturers’ effort to target advanced and more complex computer systems as the personal desktop and laptop market near their peak, analysts said. HP said the acquisition would accelerate its so called “converged infrastructure strategy, which provides customers with an unmatched portfolio of intellectual property across storage, server and networking solutions.”