HP rivals Dell with $1.6-Bn bid for 3Par

Computer-maker HP on Monday made a $1.6 billion counter-bid to acquire data storage company 3PAR Inc, translating into a 33 per cent premium over the price per share offered by its rival Dell.

Computer-maker HP on Monday made a $1.6 billion counter-bid to acquire data storage company 3PAR Inc, translating into a 33 per cent premium over the price per share offered by its rival Dell.

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HP has submitted a proposal to 3PAR Inc for acquisition of all the outstanding shares of the company for $24 per share in cash, or an enterprise value of $1.6 billion, HP said in a statement. Once approved by 3PAR's board, HP expects the transaction to close by the end of the calendar year, the statement added.