HP Raises 3PAR Offer to $27 per Share, Outbids Dell Again
Hewlett-Packard has raised its offer for 3PAR to US$27 per share, outbidding Dell once more as the battle to acquire the California-based storage vendor continues.
The offer came just hours after Dell raised its own bid to buy the company. Dell said Thursday morning that 3PAR had accepted its raised offer, but the terms allowed HP to slip in with another bid. It's now done just that, putting the ball back in Dell's court.
The companies are squabbling over a maker of storage arrays that are well-suited to virtualized environments, which would allow them both to expand in the fast-growing market for "private cloud" infrastructure.
Dell offered to buy 3PAR at the start of last week for $18 per share, or about $1.15 billion net of 3PAR's cash. HP made a counterbid on Monday, offering $24.00 per share, or about $1.6 billion.
Dell topped that offer by just $0.30 on Thursday morning, and HP wasted no time with its latest counterbid, which puts the latest price tag at $1.8 billion.
A 3PAR spokesman declined to comment on HP's latest offer, and Dell did not immediately return a call seeking comment.