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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared God did not create the universe, says Hawking 9:08am EDT Rapper T.I. arrested for drug possession in LA 1:13pm EDT Hurricane Earl bears down on East Coast | Video 3:14pm EDT Burger King agrees to $3.3 billion sale to 3G Capital | Video 4:42pm EDT Bernanke takes blame for muddled message on Lehman 2:33pm EDT Oil sheen spreads from Gulf platform after fire 4:38pm EDT Eastern Atlantic depression could head for Caribbean | Video 01 Sep 2010 Justice Department sues Arizona sheriff in immigration probe 4:23pm EDT Economic data damp down fears of new recession 4:32pm EDT Why Apple rental plan alienated most studios 12:29am EDT God did not create the universe, says Hawking 9:08am EDT Cancer cells slurp up fructose, US study finds 02 Aug 2010 Rapper T.I. arrested for drug possession in LA 1:13pm EDT Oil sheen spreads from Gulf platform after fire 4:38pm EDT Strange and unusual 26 Aug 2010 Burger King agrees to $3.3 billion sale to 3G Capital | Video 4:42pm EDT Study says most corporations pay no U.S. income taxes 12 Aug 2008 Justice Department sues Arizona sheriff in immigration probe 4:23pm EDT UPDATE 2-Pepsi to distribute Gatorade straight to stores 01 Sep 2010 Older people enjoy reading negative stories about young 31 Aug 2010 NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Best of the IFA electronics fair HP wins 3PAR for $2.4 billion as Dell drops out Tweet This Share on LinkedIn Share on Facebook Related News HP's Donatelli wins 3PAR, status as CEO candidate 4:09pm EDT Analysis & Opinion Deals wrap: Is 3PAR a good deal? HP tries big buyback to quell investor discontent Related Topics Technology » iPad » Deals » Inflows Outflows » Media » The logo of 3Par Inc, is shown at the company's headquarters in Fremont, California August 27, 2010. Credit: Reuters/Robert Galbraith By Ritsuko Ando NEW YORK | Thu Sep 2, 2010 4:14pm EDT NEW YORK (Reuters) - Hewlett-Packard Co won the bidding war to buy data storage company 3PAR Inc for $2.4 billion, as rival Dell Inc bowed out on Thursday. HP raised its cash offer by $3 to $33 per share, beating Dell's $32-a-share offer and ending an escalation of bids that many analysts said had gone too far. 3PAR shares closed up 2.5 percent at $32.88 on the New York Stock Exchange on Thursday. They had mostly traded around $10 this year, until Dell announced its initial $18 per share bid in mid-August. The deal values 3PAR at over eight times sales, and many analysts said that was too high for a company that has barely ever made a profit since it was founded in 1999. Multiples above five are considered lofty in technology deals. Others, however, say 3PAR is worth it. The company competes with bigger rival EMC Corp in data storage, considered a key part of "cloud computing" -- an increasingly popular technology that enables computer users to access data and software over the Internet, allowing companies to cut costs. Such technology is seen increasingly crucial as emails, online video and electronic business transactions put a strain on corporate data centers. HP's vast and global sales force could quickly turn 3PAR into a bigger, more profitable business, some said. "Do I think it was an extremely rich valuation? Absolutely. But I think, given that it's all cash, it shouldn't take too long for it to be accretive," said Stifel Nicolaus & Co analyst Aaron Rakers. "The question is, what kind of revenue synergy assumptions are they making?" HP's aggressive bidding also showed it had no intention to be sidelined from deals in the absence of a CEO. Mark Hurd resigned last month as chief executive in a scandal surrounding inaccurate expense reports related to a female marketing contractor. MORE DEALS, BIGGER PLAYERS Last month was an unusually busy August for dealmaking, the busiest in over a decade, as low interest rates, high cash piles and low stock-market values encouraged companies to strike deals. Announced deals and offers during the typically slow month of August surged to $262 billion worldwide, according to Thomson Reuters data. The latest deal also comes as large technology vendors like Dell, HP, International Business Machines Corp and Cisco Systems Inc, are seeking to diversify and become one-stop shops for their clients' various technology needs. HP, with $115 billion in annual revenue compared with Dell's $53 billion, was always seen as the likely winner. Macquarie Research analyst Richard Choe said the deal, while expensive, underscored HP's strong cash position. The company ended its third quarter with $14.7 billion in cash and cash equivalents. But Dell was also more persistent than many had expected. Dell and HP each made four public bids for 3PAR. Dell said it is entitled to a $72 million payment from 3PAR for breaking their merger agreement. Dell shares ended Thursday up 2 percent at $12.36, while HP shares closed up 1.2 percent at $39.68. "We took a measured approach throughout the process and have decided to end these discussions," Dave Johnson, in charge of Dell's corporate strategy, said in a statement. Wedbush Securities analyst Kaushik Roy, who had been critical of how much the bidders were willing to pay for 3PAR, said it was better for Dell to buy another company. Rivals like EMC and NetApp Inc may be expensive, but other players in the storage space include Compellent Technologies Inc, CommVault Systems Inc, and Isilon Systems Inc. Roy said Dell could also buy Brocade, which sells data storage and network equipment gear. Shares in Brocade rose 7.9 percent, Compellent rose 18.6 percent, CommVault rose 5.2 percent and Isilon rose 3.5 percent. Bidding wars are rare in the technology sector. In the last notable bidding war in the tech industry, EMC Corp outbid NetApp last year to buy Data Domain for $2.4 billion. Data Domain was advised in that deal by Frank Quattrone, the same veteran technology banker who advised 3PAR in the latest negotiations. JPMorgan Chase & Co advised HP, and Credit Suisse Group AG advised Dell. (Reporting by Ritsuko Ando, editing by Gerald E. McCormick and Derek Caney) Technology iPad Deals Inflows Outflows Media Comments See All Comments (1) | Post Comment Sep 02, 2010 10:15am EDT I think the company that 3PAR hired to setup this heat between HP and DELL, is genius. They got them hooked to this somewhat irrelevant technology – storage optimization in todays world of ever exploding capacities at low-cost. Mott Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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