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 © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
[BRIEFING.COM] Stocks entered the weekend on a mixed note as the S&P 500 shed 0.1% while the Dow ended with a gain of 0.1%.
The major averages began the day on a lower note as nine of ten sectors saw losses of more than 0.5%.
The consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
Try as the bears might, they couldn't break U.S. stocks. But investors still face frothy prices and considerable headwinds.