Dell Stocks Share
Dell Stocks Share
H-P Snatches 3Par From Dell
PC and printer maker Hewlett-Packard ( HPQ - news - people ) on Monday announced that it has submitted a $24 per-share bid for utility storage company 3Par, which trumps an earlier bid made by PC rival Dell ( DELL - news - people ).
Dell’s offer, which was made last week, was for $18 per share, or $1.13 billion. HP’s bid totals $1.5 billion in cash, and represents a 33.3% premium over Dell’s offer.
Once approved by 3Par’s board of directors, Hewlett-Packard said it expects the deal to close by the end of the year.
“HP’s proposal offers superior value to 3PAR’s shareholders,” said HP’s GM of enterprise servers, storage and networking, Dave Donatelli. “Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR … We’ve seen great momentum with our Converged Infrastructure strategy, and 3PAR ( PAR – news – people ) accelerates that strategy, particularly in cloud and scale-out markets.”
The Bottom Line
We had removed shares of HPQ from our recommended list back on Oct.1, 2009, when the stock was trading at $47.21. The company has a .80% dividend yield, based on Friday’s closing stock price of $39.85. The stock has technical support in the $35-$37 price area. If the shares can firm up, we see overhead resistance around the $44 price level. We would remain on the sidelines for now.
Hewlett-Packard is not recommended at this time, holding a Dividend.com DARS Rating of 3.3 out of 5 stars.
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