In a press release Thursday, 3Par says HP has a "superior proposal" and that it has notified Dell that it intended to end its previous merger agreement. The latest flurry of bids comes just as Dell reached a three-day deadline to make a counter offer to HP's $30-a-share bid last week.
On Thursday, Dell upped its offer to $32 a share and negotiated an increase to its merger termination fee to $92 million, should 3Par break the deal.
With its $33 bid, HP has now doubled the value of the deal to $2.06 billion from the $1.1 billion Dell originally offered for 3Par earlier this summer.The hotly-contested bidding war between the PC titans highlights the eagerness for HP and Dell to get access to the increasingly popular so-called cloud-based technology reshaping the network data storage market. Shares of 3Par rose 4% to $33.50 in early trading Thursday suggesting that investors are expecting another round of offers between HP and Dell. --Written by Scott Moritz in New York.
>To contact the writer of this article, click here: Scott Moritz. >To follow the writer on Twitter, go to http://twitter.com/TheStreet_Tech. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV