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A Coy Mistress

August 24, 2010

The 3PAR – HP – Dell love triangle continues (see our post yesterday).  3PAR filed an amended 14D9 today, responding to HP’s flattering offer.

The much-coveted data storage company was a bit coy.  They stopped short of a declaration that HP’s offer was a “Superior Proposal,” but conceded that this outcome was “reasonably likely.”  On that basis, the company disclosed it would “share non-public information with HP regarding 3PAR.”  No word on whether this sharing would take place over candlelit dinner and a bottle of wine.

In any case, the filing nevertheless concludes with the stern reminder — rendered in bold font — that the company’s board of directors has not (yet) changed its unanimous recommendation that “3PAR’s stockholders accept the Offer by Dell and tender their Shares pursuant to the Offer by Dell.”   It also notes that if that recommendation does change, then Dell will be given time to reply — and perhaps, one might speculate, to sweeten their offer.

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