Its a back-and-forth worthy of center court at Wimbledon. Dell matched HPs latest bid for storage vendor 3PAR early this morning with a $1.8 billion offer of its own, putting the ball back in HPs court.
Dell (NASDAQ: DELL) announced today that 3PAR (NYSE: PAR) has accepted its increased offer to acquire the storage leader for $27.00 per share in cash, or approximately $1.8 billion, net of 3PARs cash. The new Dell-3PAR accord was reached under a provision in the existing agreement between the companies that allows Dell to match competing bids.
And match is what they did. Dell bumped up its offer Thursday with a $1.6 billion bid, only to be topped later in the day with HPs (NYSE: HPQ) $27.00, $1.8 billion proposal.
Industry experts expect the auction will continue past the $2 billion mark.
Dell is sticking to its guns. In a press release, the company stated that its new bid is consistent with its previous rationale for the acquisition and that Dells global brand and reach would dramatically accelerate 3PARs revenue growth.
The company reiterated that the acquisition of 3PAR remains important to its customers and will enhance Dells position in utility-storage solutions.
Follow Enterprise Storage Forum on Twitter.