H-P Details $33-A-Share Tender Offer; 3Par Pays Dell $72 Million Fee

Date : 09/02/2010 @ 6:57PM
Source : Dow Jones News
Stock : Par Technology Corp. (PAR)
Quote : 8.29  0.02 (0.24%) @ 3:59PM

H-P Details $33-A-Share Tender Offer; 3Par Pays Dell $72 Million Fee

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Hewlett-Packard Co. (HPQ) said late Thursday that it agreed to buy 3Par Inc. (PAR) through a cash tender offer of $33 a share, and 3Par confirmed it paid Dell Inc. (DELL) a $72 million termination fee to end their merger agreement.

Dell bowed out of the bidding earlier in the day after H-P offered $33 a share for the data-storage company.

The ceasefire between the tech titans ended quite a run for 3Par, whose shares more than tripled in value in the past few weeks. They traded for less than $10 before Dell's initial offer of $18 on Aug. 16.

H-P's cash tender offer is scheduled to expire at midnight EDT Sept. 24. The merger is expected to close by the end of the year.

3Par's shares were at $32.86, down 2 cents, in after-hours trading. H-P's closed at $39.68 and Dell's at $12.36. Both were inactive after hours.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; kathy.shwiff@dowjones.com

 
 



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