HP Completes Tender Offer for and Merger of 3PAR Inc. at $33 per Share

HP HPQ today announced that it has completed the acquisition of 3PAR Inc. for a price of $33 per share in cash, or an enterprise value of $2.35 billion. The acquisition was completed by means of a tender offer by an HP subsidiary for all of the outstanding shares of 3PAR followed by the merger of that purchasing subsidiary with 3PAR, as a result of which 3PAR became a wholly-owned subsidiary of HP. The tender offer expired at midnight, New York City time, on Sept. 24, 2010. As of that time, approximately 55.9 million shares, representing approximately 87.8 percent of 3PAR's outstanding shares, were tendered and not withdrawn in the offer. HP has accepted for payment all tendered shares. HP completed the merger with 3PAR following the exercise of the top-up option contemplated by the merger agreement.