3Par gives Dell time to revise offer

 Dell had made a proposal last week to buy 3Par in an all-cash deal for an enterprise value of US$1.15 billion, but it was trumped by HP’s counter offer of US$1.6 billion.

Now, 3Par has given three days to Dell to come up with a fresh offer to counter HP’s ‘superior bid’. “3Par has given Dell three business days to negotiate an amendment to its merger agreement with 3Par,” it said in a filing to the US Securities and Exchange Commission. 3Par’s board said it still recommends shareholders accept Dell’s current offer. 

The Data storage firm said it plans to “participate and engage in discussion with HP regarding its unsolicited acquisition proposal” which values the data storage firm at US$ 1.6 billion.