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At last, the smoke has cleared and 3PAR (NYSE: PAR) is set to be acquired by HP following a lightning-fast bidding war with Dell.
In the end, HP (NYSE: HPQ) wound up offering a sum totaling $2.4 billion — more than double the $1.15 billion Dell initially offered in mid-August. Since then, HP and Dell upped their offers repeatedly, each vying to be the one to walk away with 3PAR.
So what makes 3PAR so special? 3PAR’s importance stems from is its virtualized storage array technology, which enables more efficient use of data center storage as well as cloud storage.
With the cloud emerging as a white-hot area of interest for enterprise IT buyers, it’s no surprise, then, that hardware and services heavyweights like Dell (NASDAQ: DELL) and HP wouldn’t mind shelling out plenty to strengthen their offerings. Enterprise Storage Forum has the story.
Someone had to blink. The high stakes game of chicken between Dell and HP is over as Dell has officially ended acquisition talks with 3PAR after HP’s $33 per share, $2.4 billion proposal.
At $32 per share, Dell’s final offer was not accepted by 3PAR’s board of directors. Dell’s last-ditch pitch also included some new conditions that may have soured the deal.