BANGALORE HP (HPQ.N) proposed to acquire 3PAR for $24 per share in cash and said it expects the transaction to close by the end of the calendar year.
*Says deal has enterprise value of $1.6 billion
* Says deal not subject to any financing contingency and has been approved by HP's board of directors
* Says transaction will accelerate hp's converged infrastructure strategy
* Says proposal provides a significant premium to the Dell transaction
* Says combination will bolster hp's storage offerings and diversify its portfolio across key growth markets
* Says merger agreement with the same terms as transaction with Dell but eliminates the termination fee
* Says bid conditioned to 3par's board of directors' approval * Says expects the transaction to close by the end of the calendar year