3Par Picks HP's Latest Bid
FREMONT, Calif. (
) --
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.
