Published: September 02, 2010
Dell Declines to Revise Bid for 3PAR, Ends Acquisition Discussions
ROUND ROCK, Texas - (BUSINESS WIRE) - Dell announced today that it will not increase its most recent proposal
to acquire 3PAR, and that Dell has ended its discussions regarding a
potential acquisition. Dell is entitled to receive a $72 million
break-up fee from 3PAR upon the termination of its merger agreement.
Dell's final offer to acquire 3PAR was not accepted by 3PAR's board of
directors. Dell's improved offer included a proposed commercial
relationship and an increased break-up fee.
"We took a measured approach throughout the process and have decided to
end these discussions," said Dave Johnson, senior vice president,
corporate strategy.
"We will continue to put the interests of our customers and shareholders
at the forefront of all our decisions," said Brian Gladden, chief
financial officer. "Our focus is to create long-term value."
Dell is focused on creating open, affordable and capable enterprise
solutions designed to help customers. The company has an
industry-leading portfolio of enterprise solutions, including servers,
storage, networking and services. Dell's commercial enterprise solutions
revenue grew 43 percent year over year in the company's second fiscal
quarter and is now a $17 billion annualized business.
"We believe our strategy of creating open, affordable and capable
solutions resonates well with customers and will enable us to continue
to outgrow the industry," said Mr. Johnson.
About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers worldwide
innovative technology, business solutions and services they trust and
value. For more information, visit www.dell.com.
Special Note:
Statements in this release that relate to future results and events
are forward-looking statements based on Dell's current expectations. Actual
results and events in future periods may differ materially from those
expressed or implied by these forward-looking statements because of a
number of risks, uncertainties and other factors. All statements
other than statements of historical fact are statements that could be
deemed forward-looking statements, including any statements of the
plans, strategies and objectives of management for future operations and
potential acquisitions, any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. Risks,
uncertainties and assumptions include those risks that are described in
Dell's Securities and Exchange Commission reports, including but not
limited to the risks described in Dell's Annual Report on Form 10-K for
its fiscal year ended January 29, 2010 and its Quarterly Report on Form
10-Q for its fiscal quarter ended July 30, 2010. Dell assumes no
obligation to update these forward-looking statements.
This press release is for informational purposes only and is not an
offer to purchase or a solicitation of an offer to sell securities. The
tender offer is being made only pursuant to the Offer to Purchase,
Letter of Transmittal and related materials that Dell Inc. and Dell
Trinity Holdings Corp. filed with the SEC on a Tender Offer Statement on
Schedule TO on August 23, 2010, as amended. In addition, 3PAR Inc. filed
a Solicitation/Recommendation Statement on Schedule 14D-9 with respect
to the tender offer on August 23, 2010. The Tender Offer Statement (and
related materials) and the Solicitation/Recommendation Statement contain
important information that should be read carefully before any decision
is made with respect to the tender offer. Those materials may be
obtained free of charge from D.F. King & Co., Inc., the information
agent for the tender offer, toll-free at (800) 769-4414 (banks and
brokers call collect (212) 269-5550). In addition, all of those
materials (and all other offer documents filed with the SEC) are
available at no charge on the SEC's website at www.sec.gov.
Dell is a trademark of Dell Inc.
Dell disclaims any proprietary interest in the marks and names of others.

Dell
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frank_molina@dell.com
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