HP won the bidding contest for 3Par with a $33 a share offer, valuing the data storage provider at roughly $2.4 billion. Dell got outbid for the fourth time and walked away from the deal as it would not raise its offer above $32 a share.
Hewlett-Packard appeared to have won the bidding battle for data storage technology company 3Par on Thursday, after Dell said it would not raise its offer and was ending talks. HP made a $33-a-share offer on Thursday, valuing loss-making 3Par at about $2.4bn and outbidding rival PC maker Dell for the fourth time in less than three weeks.
“We took a measured approach throughout the process and have decided to end these discussions,” said Dave Johnson, senior vice-president, corporate strategy.
The bidding war began after Dell made $18-share friendly offer 3Par on August 16. 3Par shares closed at $9.65 just before Dell unveiled its original offer.