The stock market has witnessed a fall in the share price of 3Par, as Dell considers its next step to prevent rival computer maker Hewlett-Packard from acquiring the company.
Shares of Cloud storage technology provider 3Par have fallen by 2.9 percent or 95 cents as reports of Dell is thinking of offering another bid to counter its rival in order to acquire the start-up.
Last week, HP raised industry’s interest in the bidding war after it placed a bid of $2 billion, i.e. $30 per share which is higher than Dell’s last offer of $27 per share to acquire 3Par.
Dell Inc. has been told by 3Par that the company intends to dismiss its deal of merger signed before HP placed its counter bid. Legally however Dell has the right to place higher bid to match its rival within three working days after HP has made its last offer.
The Fremont, California-based 3Par will offer its company's cloud based storage technology which will reduce data storage costs by 95 percent along with 55 percent of an organisation's storage administration cost.
The bidding war comes as IBM has silently managed to acquire one of 3Par's rival, Storwize, for an undisclosed sum.