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In regards to the Deal Professor
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Steven M. Davidoff,Authentic Tiffany, producing since the Offer Professor, is a commentator for DealBook within the legal factors of mergers,Tiffany And Co, personal equity and corporate governance. A previous corporate lawyer at Shearman & Sterling, he is a professor at the University of Connecticut School of Law. He is the author of “Gods at War: Shotgun Takeovers, Government by Offer and the Personal Equity Implosion,Pandora Jewellery title,” which explores modern-day deals and deal-making.

The deadline for Dell to respond to Hewlett-Packard’s offer for data storage company 3Par is only hours away.
Under Dell’s merger agreement with 3Par,Tiffany Engagement Rings, 3Par is required to provide Dell with notice of three business days before it terminates their agreement in order to accept Hewlett’s offer. 3Par provided such notice on Sunday. The period ends at midnight on Wednesday.

During that time,Wholesale Pandora Beads, 3Par is required to negotiate in good faith with Dell to amend the agreement to allow Dell to match the H.P. bid.
The witching hour approaches, and there has been no amendment announced.
This can mean one of three things. First,Tiffany Engagement, Dell is uninterested in raising its bid and is going to walk. Second, Dell is waiting out the full period in order to slow down its bidding war with H.P. If that is the case,Tiffany Diamond, then expect another matching bid from Dell at or only a few cents above H.P.’s. Finally, Dell is still bidding and is rejiggering its offer to include stock requiring more time for the parties to value Dell’s offer.
In my handicapping, I would go with the second option. Dell certainly has the cash. Stock would be appropriate here only so that Dell can claim it has greater strategic value. But this is a cash offer and likely to remain so. Dell also has nothing to lose. H.P. appears hellbent on winning this company. So,Tiffany Ring, why not force H.P. to pay more? The downside is to overpay by $3 a share from your last bid if H.P. does indeed walk away against expectations.
This is all game theory and ignores 3Par’s actual worth and what is an appropriate price. But of course, the fundamentals may have gone by the wayside last week.
We’ll find out whether I am right by Thursday morning.
– Steven M. Davidoff
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