3PAR announced today:
3PAR® (NYSE: PAR), the leading global provider of utility storage, today announced its board of directors has determined that the unsolicited proposal by Hewlett-Packard Company to acquire all of 3PAR’s outstanding common stock at $30 per share constitutes a “superior proposal†(as that term is defined in 3PAR’s previously announced merger agreement with Dell). The 3PAR board of directors notified Dell of its intention to terminate the merger agreement with Dell, immediately following the expiration of the three business day period contemplated by, and the satisfaction of the other conditions set forth in, the merger agreement with Dell, in order to enter into the merger agreement with HP on the terms set forth in HP’s acquisition proposal.
CNBC looked at a couple of past storage deals to compare the valuations of them vs the current deal:
- HP’s latest bid is 8.5 times 3PAR’s current projected revenue, 10 times last year’s revenue
- Dell paid 10 times revenue for Equallogic back in 2007; valuation now looks smart
- EMC paid 8 times revenue for Data Domain last year (too early to tell how it’s working out according to CNBC)
Tick, tock Dell. Throw in the towel go after Compellent or Pillar or maybe even Xiotech.
Looks like 3PAR announced a pretty big deal which has 3cV in it, expecting a lot more in the future!
With this new partnership, Nissho adds a disaster recovery (DR) solution to its enhanced service offerings, which currently include public cloud development and a private cloud environment service based on 3cV. “3cV†is a proven blueprint for the virtual datacenter featuring the combination of 3PAR Utility Storage, HP® BladeSystem c-Class Server Blades, and VMware vSphere™. This solution is designed to enable improved server efficiency and to enhance service levels in private cloud datacenters. All the cloud service-focused products that Nissho offers, including those based on 3cV, are available at the company’s CloudNagivate Center, Nissho’s private technology verification center where customers can verify the operation and performance of a cloud-based infrastructure built on 3PAR technology.
Dell simply doesn’t have an answer to HP’s c Class blades.