HP gets support in its bidding war for 3Par, Inc. by an investor lawsuit alleging breach of fiduciary duty by the board of directors of 3Par arising out of their attempt to sell 3Par, Inc too cheaply to Dell.
According to the complaint filed in State Court the plaintiff alleges that the defendants breached their fiduciary duty by the attempt to sell 3Par, Inc to Dell via an unfair process at an unfair price.

On August 16, 2010, 3PAR Inc. announced that Dell has signed an agreement to acquire 3PAR in a transaction that is valued at approximately $1.15 billion, net of 3PAR's cash. Under the terms of the agreement, Dell will commence a tender offer to acquire all of the outstanding common stock of 3PAR for $18 per share in cash.

Following the announcement Texas-based Dell and Palo Alto, Calif.-based HP have been going back and forth since then with competing offers. Hp topped Dell’s offer on Monday 23, 2010, with a $1.6billion or $27 per share bid. Dell then said it would match HP’s $1.8billion and 3PAR announced it would accept Dell’s increased price of $27 per share.

On Friday, August 27, 2010, HP lifted its bid for 3Par to $2billion or $30 per share.

3PAR Inc. shares (PAR) traded before the August 16th announcement roughly about $10 per share and jumped almost 86% in response to the news to $17.95 per share. PAR shares then increased on Monday 23, 2010 to $27 per share, and jumped above the latest $30 offer on Friday to $32.27 per share. Since the bidding war stated PAR shares have increased more than 200%.

3PAR Inc. reported increasing revenue over the past four years from $66.17million for the past 12months on March 31, 2007, to $118.02million on March 31, 2008, to $184.72million on March 31, 2009, and to $194.28million on March 31, 2010. Its Net Income rose from a Net Loss on March 31, 20007 of $15.48million to a Net Loss of $3.18million on March 31, 2010.