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27 Aug 2010
The ongoing bidding war for storage firm 3PAR shows no sign of ending as HP took just two hours to trump Dell's offer of $1.8bn (£1.16bn), offering a cool $2bn (£1.29bn).
The bid equates to $30 (£19.37) a share, with a bullish HP pointing out in a statement that this represents an 11 per cent improvement on Dell's last offer and highlighting the financial muscle it had.
"HP’s proposal is not subject to any financing contingency and has been approved by HP’s board of directors. Once approved by 3PAR’s board, HP expects the transaction to close by the end of the calendar year," it said.
The bid is the latest offer in a frenzy of one-upmanship between HP and Dell, both of which are clearly keen to get themselves a slice of the storage industry, as cloud computing looks set to be a key long-term technology.
Analysts had expected Dell would struggle to compete with the financial muscle of HP but the firm has yet to throw the towel in.
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I don't think that Dell is doing well enough to take the chance of not only rasing the bid but factoring in all the costs associated with combining the two operations which will slow both companies down until the integration is complete.
Posted by: FDunn 28 Aug 2010