Thursday, September 2, 2010

Dell Withdraws From 3PAR Battle

Round Rock-based Dell said this morning that it has withdrawn its efforts to acquire data storage firm 3PAR, after Hewlett Packard increased its offer for 3PAR to $33 per share. According to Dell, it will not increase its most recent proposal. Dell said it is entitled to receive $72M in a break-up fee. The withdrawal comes after a bidding war between Dell and HP for 3PAR, which drove Dell's initial price for 3PAR from $18.00 per share on August 16th to $33.00 per share today.