Posted by: Dave Raffo
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Hewlett-Packard and Dell weren’t the only companies interested in buying 3PAR. A third company also discussed buying the storage array vendor, according to an SEC filing detailing negotiations leading to Dell’s $1.15 billion offer for 3PAR.
The document lists Dell, Company A and Company B as the interested parties. Company B made an offer July 23, and is apparently Hewlett Packard based on HP’s claim that Monday’s $1.6 billion offer was not its first for 3PAR. Company A first talked to 3PAR about a “commercial relationship” – likely an OEM deal — and asked to be contacted if 3PAR put itself up for sale. But after offers from Dell and Company B, Company A declined to bid. 3PAR also reached out to a Company C, but that company was not interested in a deal.
3PAR CEO Dave Scott first talked to Company A executives May 3. Scott then met with Michael Dell and Dell SVP of corporate strategy Dave Johnson May 7. Company B contacted Scott July 8 to discuss “a possible business combination” between the companies.
Company B made a non-disclosed non-binding offer to acquire 3PAR on July 23, and Dell made its first non-binding offer of $15 to $17 on July 30. 3PAR asked Dell for $18.25 per share on July 31 and Dell made its $18 per share offer the following day. Company B declined to make another bid, and 3PAR agreed on an exclusive negotiation period with Dell through Aug. 15. The two companies agreed on the $18 per share deal on Aug. 15, and made the deal public the following morning.
The filing also said Dell and 3PAR discussed a reseller agreement beginning late last year.
Dell has yet to say whether it will raise its bid to beat the counter offer of HP (or should we say Company B?)