FREMONT, Calif. (AP) — Data storage company 3Par Inc. says its board has determined that Hewlett-Packard Co.’s $2 billion, $30-per-share takeover bid is superior to a rival offer from Dell Inc.
The company said late Friday that it told Dell of its intention to terminate its previous deal for $27 per share after three business days and after satisfying other conditions of its deal with Dell.
Dell spokesman David Frink says that Dell has the right to match any higher bid and have its offer take precedence within three business days starting on Monday.
He said Saturday that the company is assessing whether a higher bid would be in its best interests and said it would “make our intent known at an appropriate time.”
