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.
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[BRIEFING.COM] Sellers remain in control with the Russell 2000 now down 2.0%. Including its current loss, the index is now lower by 5.6% in July. Meanwhile, the Dow (-1.1%), Nasdaq (-1.7%), and S&P 500 (-1.3%) entered the session with modest July gains that have now been turned into losses between 0.3% and 0.8%.
At this juncture, health care, technology, and telecom services are the only sectors that are on pace to register July gains. Technology and telecom services sport ... More
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