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.
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