HP raises 3PAR offer to US$2b
Source: Agencies |
August 28, 2010, Saturday
|
Print Edition
Print Edition
HEWLETT-PACKARD Co raised its offer for 3PAR Inc to US$2 billion, once again topping Dell Inc's bid and showing it had plenty of ammunition in the bidding war for the data storage company.
HP's offer of US$30 per share came less than three hours after Dell announced 3PAR had accepted its bid of US$27 per share, which matched HP's previous offer.
Dell's agreement with 3PAR allows it to match competing bids, but analysts say HP may be the stronger player with US$115 billion in annual revenue, compared with Dell's US$53 billion.
The rapidly escalating bids for 3PAR come as Dell, HP and other technology vendors such as IBM Corp and Cisco Systems Inc have been expanding into new technologies to offer corporate clients a wider range of products and services.
3PAR specializes in high-end data storage, a key part of "cloud computing" -- an increasingly popular technology that enables computer users to access data and software on the Internet, allowing companies to cut costs.
August has been a particularly active month for deals. Intel Corp bid US$7.7 billion for security software maker McAfee Inc last week.
But analysts say the bidding war over 3PAR has driven up valuations, raising the risk of the buyer overpaying.
Analysts say at current bids, 3PAR is valued at around eight times sales. Multiples above five are considered lofty in technology acquisitions.
HP's offer of US$30 per share came less than three hours after Dell announced 3PAR had accepted its bid of US$27 per share, which matched HP's previous offer.
Dell's agreement with 3PAR allows it to match competing bids, but analysts say HP may be the stronger player with US$115 billion in annual revenue, compared with Dell's US$53 billion.
The rapidly escalating bids for 3PAR come as Dell, HP and other technology vendors such as IBM Corp and Cisco Systems Inc have been expanding into new technologies to offer corporate clients a wider range of products and services.
3PAR specializes in high-end data storage, a key part of "cloud computing" -- an increasingly popular technology that enables computer users to access data and software on the Internet, allowing companies to cut costs.
August has been a particularly active month for deals. Intel Corp bid US$7.7 billion for security software maker McAfee Inc last week.
But analysts say the bidding war over 3PAR has driven up valuations, raising the risk of the buyer overpaying.
Analysts say at current bids, 3PAR is valued at around eight times sales. Multiples above five are considered lofty in technology acquisitions.
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