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Aug 23 2010   12:30PM GMT

It’s on! HP outbids Dell for 3Par

badarrow Barbara Darrow Profile: badarrow

This morning, Hewlett-Packard launched a $24 per share cash bid for 3Par and its data storage expertise. The offer touches off a bidding war against Dell, which offered $18 per share for 3Par last week.

According to the HP post:

 “The proposed transaction represents a 33.3 percent premium above the price proposed by Dell Inc. HP’s proposal is not subject to any financing contingency and has been approved by HP’s board of directors. Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.”

 The move comes as HP is trying to recover from the embarrassing ouster of its CEO Mark Hurd,  who himself engineered HP’s buyout of services giant EDS, Palm and other companies. It is certainly a sign that the company will not rest on its laurels even as it seeks a new CEO.

The desire for 3Par illustrates how server giants are trying to grab more of the data center hardware business across storage and networking realms.

This proposed deal, along with last week’s news that Intel is acquiring McAfee, shows that the M&A market is heating up.

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The proposed transaction represents a 33.3 percent premium above the price proposed by Dell Inc. HP’s proposal is not subject to any financing contingency and has been approved by HP’s board of directors. Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year.

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