3Par Picks HP's Latest Bid

3Par says Hewlett-Packard's latest bid is superior to rival Dell's, but Dell considers making another offer for the storage tech company.
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FREMONT, Calif. (

TheStreet

) --

3Par

(PAR) - Get Report

late Friday said it had accepted suitor

Hewlett-Packard's

(HPQ) - Get Report

latest bid, for $30 a share.

But Dell, HP's rival in the takeover battle for the storage tech company, reportedly said Saturday it was pondering making another offer.

In a news release, 3Par characterized

the $1.88 billion offer made Friday

as a "superior proposal" to the latest one from rival

Dell

(DELL) - Get Report

.

3Par also said it had notified Dell that it intended to terminate their merger agreement after a three-business-day period specified in the agreement.

Dell can return with another offer during that period, however, and a Dell representative Saturday said the company was considering doing so, the

AP

reported.

HP made its $30-a-share bid Friday, just hours after Dell had matched HP's previous bid of $27 a share.

The bidding war drove up shares of 3Par nearly 80% this week. They closed Friday at $32.46, up $6.43 on the session.

This article was written by a staff member of TheStreet.