HP Scoops Up ArcSight for $1.5 B
NEW YORK, (TheStreet) - Hewlett-Packard (HPQ) continued its acquisition spree with a $1.5 billion proposed buyout of network security shop ArcSight (ARST) Monday.
Just 11 days after HP won a bidding war against Dell (DELL) for storage specialist 3Par (PAR) for $2.06 billion, the computer giant makes another deal to further expand its business beyond PCs.
ArcSight shares had been trading at 52-week highs this month as merger speculation heated interest in the company, which recently put itself on the sales block.
HP says it will pay $43.50 in cash for all of the outstanding shares of ArcSight and expects the deal to close by year-end.
ArcSight shares jumped $8.58, or 24%, To $43.68 in premarket trading Monday. --Written by Scott Moritz in New York.>To contact this writer, click here: Scott Moritz, or email: scott.moritz@thestreet.com. To follow Scott on Twitter, go to http://twitter.com/TheStreet_Tech. >To send a tip, email: tips@thestreet.com.
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