IT Business
Dell raises 3PAR bid to $1.6bn, trumps HP
3PAR reportedly agrees to Dell's $24.30 per share offer
By Chris Kanaracus | IDG News Service | Published 14:07, 26 August 10
The bidding war between Dell and Hewlett-Packard for virtualized storage vendor 3PAR continued on Thursday, with Dell increasing its bid to US$24.30 per share, or about $1.6 billion.
The offer has been accepted by 3PAR, according to Dell. It tops a $24 per share offer made by HP earlier this week.
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Dell had originally inked a deal to buy 3PAR for $18 per share, or roughly $1.15 billion, but the agreement had a provision for matching competitive offers, according to a statement.
Dell expects the deal to close before the end of this year.
3PAR is known for its thin provisioning capabilities, which supply storage resources on demand. The approach is said to be more efficient than traditional "fat provisioning," a process that dedicates an excess amount of storage to an application in anticipation of future needs.
HP could not immediately be reached for comment Thursday.
