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3PAR (NYSE: PAR) $17.93, Up $8.28. Today announced it has signed an agreement to be acquired by Dell. The transaction is valued at approximately $1.15 billion, net of 3PAR’s cash. Terms of the acquisition were approved by the board of directors of each company.
In the ‘Virtual Era,’ Dell is driving an open and integrated approach to data management. Dell is delivering increased efficiency with a goal of radically reducing data management costs and significantly streamlining operations. These savings enable Dell customers to make room in their budgets for other strategic investments. 3PAR’s product portfolio complements Dell’s goal to make IT simpler and more affordable.
What They Do: 3PAR Inc., together with its subsidiaries, provides utility storage systems in the United States and internationally.
Prospect Medical Holdings (Nasdaq: PZZ) $8.41, Up $2.29. Today announced that it has entered into a definitive merger agreement to be acquired for $8.50 per share in cash by an entity sponsored by Leonard Green & Partners, L.P. in which certain stockholders of Prospect will also participate. The total transaction value is approximately $363 million, including the assumption of approximately $158 million in Prospect’s net debt.
The merger price represents a 38.9% premium over the closing sale price of Prospect shares on August 13, 2010, and a 29.4% premium to the volume weighted-average closing sale price of approximately $6.57 during the 30 trading days prior to that date.
What They Do: Prospect Medical Holdings owns and operates five community-based hospitals in the greater Los Angeles area, and manages the provision of healthcare services of HMO enrollees in southern California, through its network of specialist and primary care physicians.
ResCare, Inc. (Nasdaq: RSCR) $12.24, Up $2.10. Today announced that it has received a proposal from Onex Corporation ("Onex") to acquire all of the outstanding shares of common stock of ResCare not owned by affiliates of Onex for $12.60 per share. The written proposal, which includes several terms and conditions, is attached to this release.
Affiliates of Onex, the Toronto-based investment firm, currently hold common stock and preferred stock of ResCare representing 24.9% of the voting power of ResCare stock. The preferred stock held by Onex votes on an as-converted basis with common stock. Onex acquired its position in ResCare in 2004.
What They Do: Res-Care, Inc., a human service company, provides residential, therapeutic, job training, and educational support services in the United States and Canada.
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