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Company B on July 23 sent 3PAR a non-binding indication of interest in acquiring 3PAR, but 3PAR the next day rejected Company B's offer while continuing negotiations with Company B, Company A, and Dell. Company A on July 29 dropped out of the discussions.
After a series of meetings, Dell on July 30 submitted a preliminary, non-binding offer of $15.00 to $17.00 per share in cash for 3PAR. Dell later raised the offer to $18.25 per share. The two eventually settled on $18 per share.
3PAR on July 31 and August 1 discussed with Company B the possibility of raising its offer for 3PAR, but Company B declined to do so for the time being.
It was during the late-July, early-August timeframe that HP was dealing with the firing of Mark Hurd as chairman, president, and CEO in the wake of allegations of sexual harassment and improperly filed expense reports related to HP's use of an actress as a greeter at HP events. Hurd was cleared of the sexual harassment issues, but left HP on August 6.
While 3PAR is still a relatively small company, it certainly had big plans. Dell, in its SEC filing, said 3PAR expected its fiscal 2010 revenue to be about $401.8 million, up substantially from the $308.8 million it expected for fiscal 2010 and the actual revenue of $240.1 million it reported for fiscal 2011, which ended March 31.
3PAR also expected earnings to reach $32.7 million by fiscal 2013, down from the $85.1 million it expected to earn in fiscal 2010 but up considerably from its loss of $1.6 million in fiscal 2011.
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