Dell drops out of 3Par auction
Hewlett-Packard's $2 billion offer for 3Par looks like the final winning price in a three-week bidding war.
By Scott Moritz, TheStreet
Dell ended the three-week bidding war just two hours after HP raised its bid for 3Par by 10%. HP increased its offer to $33 a share or $2.06 billion, beating Dell's offer of $32 a share.
"We took a measured approach throughout the process and have decided to end these discussions," Dell chief strategist Dave Johnson said in a press release.
HP will likely gain approval from 3Par's board and proceed with a merger.
The rich bidding war between the PC duo indicates the eagerness for HP and Dell to gain access to the increasingly popular cloud-based technology that is reshaping the network data storage market.
For its part, Dell walks away from a fevered bidding war with a $72 million termination fee and the task of trying to explain what is next in its storage strategy.
"We believe our strategy of creating open, affordable and capable solutions resonates well with customers and will enable us to continue to outgrow the industry," Johnson said.
Copyright © 2014 Microsoft. All rights reserved.
[BRIEFING.COM] The headlines generally favored Tuesday being another good day for the stock market. Instead, it was just a mixed day with modest point changes on either side of the unchanged mark for the major indices.
For the most part, the stock market was a sideshow. The main trading events were seen in the commodity and Treasury markets, both of which saw some decent-sized losses within their respective complex.
Dollar strength was at the heart of the weakness in ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'