DAVOS, Switzerland (
(DELL - Get Report) CEO Michael Dell believes that rival
(HPQ - Get Report) overpaid when it spent
$2.35 billion to acquire
3Par last year.
Speaking in an interview with
Bloomberg at the World Economic Forum, Dell explained why his company exited last summer's
bidding war with HP over 3Par. ""We showed a good discipline and didn't take an emotional decision," he said. HP paid "way too much" for 3Par, added the CEO, who compared the deal to the
$960 million Dell paid for storage firm
(CML) in December.
|Michael Dell believes that HP paid too much for storage specialist 3Par.
Dell also confirmed that his company has more M&A up its sleeve. "We are looking at more acquisition opportunities in software, data centers, cloud computing, storage and virtualization," he said.
There has already been
(NTAP) could make an attractive target for Dell, although, with a market cap of more than $19 billion, the storage maker would not come cheap.
Other storage companies cited as a
include publicly traded
, as well as privately-held
. Data networking company
has also been
cited as a potential target
Technologies such as virtualization, data center gear and cloud computing
are all expected to be big winners in 2011
, boosted by healthy enterprise IT spending.
Dell admitted that certain companies' valuations have risen dramatically recently, according to
. "There's a fairly striking disconnect between the valuation of established tech companies and the newly-emerging ones," he said. "The market will figure it out."
Dell shares rose 17 cents, or 1.24%, to $13.90 on Wednesday as the Nasdaq gained 0.09%.
HP declined to provide comment for this story.
--Written by James Rogers in New York.
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