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September 2, 2010 12:42 PM

HP Tops Dell in Bid for 3Par

Posted by David Bario

Hours after Hewlett-Packard announced its latest salvo in a late-summer bidding war with Dell for data storage company 3Par on Thursday, the parties announced that HP's offer of $33 a share has won the day. (Here are statements from HP, Dell, and 3Par.)

As The New York Times's DealBook reports, HP and Dell's rival bids for 3Par have skyrocketed since Dell first announced an agreement for $18 a share on Aug. 16. (By our count, HP's winning offer was the eighth public bid in two weeks.) The final $33 offer came just on the heels of a $32-per-share bid by Dell, which announced just before 10:30 ET on Thursday that it would not offer a revised bid to counter HP's. 

The tech giants have been battling for a company that has been losing money ever since it went public three years ago--and which has seen its stock trading near the $10 mark for most of the year. But HP, which is being advised by Cleary Gottlieb Steen & Hamilton, and Dell, represented by Debevoise & Plimpton, clearly believed 3Par's cloud-based Internet data storage business was worth fighting for. And paying for: The total value of HP's deal for 3Par is about $2.4 billion, according to Reuters.

As we've previously reported, a group from Wilson Sonsini Goodrich & Rosati led by Michael Ringler has been advising 3Par during the bidding process. (Ringler was joined by partners Robert Latta, Robert Kornegay, and Ralph Barry.)

The Cleary team includes corporate partners Benet O'Reilly and Chris Austin, and associates Esther Farkas and Casey Davison. Partner Len Jacoby is advising on IP issues, and counsel Kathleen Emberger and associate Zachary Kolkin are providing advice on employee benefits matters. Partner Sheldon Alster is providing tax advice.

HP's in-house legal department was represented on the deal by vice president and associate general counsel Richard Arnold, Jr.; vice president, deputy general counsel and assistant secretary Paul T. Porrini; and senior counsel-corporate, securities, mergers and acquisitions John H. Vestal.

The Debevoise team advising Dell was led by Jeffrey Rosen and Kevin Rinker.

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