[HIB]HP to Buy 3Par for $2.35 Billion as Dell Walks Away

[newsbot]

Hewlett-Packard Co. agreed to buy 3Par Inc. for $2.35 billion, ending an 18-day bidding war with Dell Inc. for the maker of storage systems and stepping up its rivalry with EMC Corp.The $33-a-share cash offer has been approved by the boards of both companies, HP and 3Par said today in a joint statement. Dell, whose last bid was for $32 a share, decided to end its discussions with 3Par, Dave Johnson, Dell senior vice president for corporate strategy, said today in a separate statement.HP’s offer is more than three times the $9.65 closing price for 3Par stock on Aug. 13, before Dell’s initial bid was made public. It’s about 10 times 3Par’s revenue over the past four quarters. The premium reflects a growing urgency to use acquisitions to fuel growth and underscores the dearth of affordable runners-up in the storage market.

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