HP has defeated Dell in their bidding battle to acquire 3PAR, a company that specialises in data storage, with a $2.35 billion.
The move came after computer maker Dell decided to withdraw its name from the bidding process which had been going on for the past 18 days; Dell pulled out when HP made an offer for $33 per share to beat Dell's $32.
The bid began at $1.13 billion or $18 per share by Dell on August 16, reaching up to three times for the Freemont, California-based data storage company as it neared its end.
3Par paid $72 million as a fee to terminate the bidding; "We took a measured approach throughout the process and have decided to end these discussions," stated Dave Johnson, senior vice president for corporate strategy of Dell.
3Par’s cloud storage technology will help HP reduce nearly 95 per cent of money spent on data storage along with a 55 per cent reduction in administration expenditure; Dell shares rose by 1.38 per cent after the news while HP's shares went even further with a 1.54 per cent rise.