Some key dates related to 3Par Inc. and its suitors, Dell and Hewlett-Packard
By APThursday, August 26, 2010
Some key dates related to 3Par and its suitors
Some key dates related to 3Par Inc. and its suitors:
May 1999: 3Par is founded.
Nov. 16, 2007: 3Par goes public. Shares close at $16.64, above the initial offering price of $14 per share.
May 4, 2010: 3Par reports a net loss of $3.2 million on revenue of $194.2 million for the most recent fiscal year, which ended March 31.
Aug. 13: 3Par shares close at $9.65 per share.
Aug. 16: Dell Inc. announces offer to buy 3Par for $18 per share, or $1.13 billion.
Aug. 23: Hewlett-Packard Co. counters with $24-per-share offer, worth $1.5 billion.
Aug. 26: Dell announces higher offer of $24.30 per share, or $1.52 billion, and says 3Par has accepted.
Companies disclose they altered agreement to make it slightly more painful for 3Par to accept another offer; 3Par would have to pay Dell a termination fee of $72 million, up from $53.5 million.
Later in the day, HP responds with offer of $27 per share, or $1.69 billion.
Aug. 27: Dell matches HP’s $27-per-share offer.
Hours later, HP boosts bid to $30 per share, or $1.88 billion.
Aug. 28: 3Par says its board determined that HP’s latest offer is superior to Dell’s, and 3Par would terminate its previous deal with Dell. Dell still had three business days to match the HP offer.
Sept. 2: 3Par announces that Dell has revised offer to $32 per share, or $2 billion, and termination fee that 3Par would have to pay Dell is raised to $92 million.
Before that was announced, HP tops it with $33-per-share bid, or about $2.07 billion.
Barely an hour later, Dell concedes and says it won’t match HP’s offer.
Later in the day, 3Par’s board approves HP’s deal and pays Dell a termination fee of $72 million — not the higher one because 3Par never accepted that final offer from Dell.
