Report: HP Close to Buying ArcSight for $1.5B

NEW YORK (AP) - Computer maker Hewlett-Packard Co. may be close
to another major acquisition.

**FILE** In this Nov. 12, 2007 file photo, Hewlett Packard Company CEO Mark Hurd gestures during a keynote address at Oracle Open World Conference in San Francisco. Hewlett-Packard Co. said Monday, Sept. 15, 2008, it plans to cut 24,600 jobs, or about 7.5 percent of its work force, over the next three years. This major restructuring is coming as HP integrates its newly acquired technology services company Electronic Data Systems Corp. (AP Photo/Paul Sakuma, file)

NEW YORK (AP) - Computer maker Hewlett-Packard Co. may be close
to another major acquisition.

The company is nearing a deal to buy security software provider ArcSight for about $1.5 billion, The Wall Street Journal said on its website Sunday. Based on ArcSight's 34.6 million shares outstanding at Sept. 1, that would value the company at about $43.34 per share - a 23 percent premium to the stock's closing price Friday.

The news comes just a few weeks after HP successfully wrestled data storage company 3Par Inc. from rival Dell Inc. for $2.07 billion. That $33-per-share deal valued 3Par at more than three times its share value prior to the bidding war.

HP has been expanding beyond selling personal computers and printer ink for years. ArcSight Inc., based in Cupertino, Calif., provides technology for protecting business and government computer networks from hackers.

Calls to HP and ArcSight seeking comment on a potential buyout were not immediately returned Sunday.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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