Hewlett-Packard (HP) has offered to buy data storage technology firm 3PAR for $24 per share, or $1.6 billion, in an attempt to out-bid rival Dell.
According to a statement released by the company, the price proposed by HP is 33.3 per cent higher than the proposed price by rival Dell. Dell had offered to purchase 3PAR for $1.15 billion last week.
HP said that the proposed price had been approved by the company' board, and, if 3PAR's board agrees, then the acquisition will be completed by the end of this calendar year.
The company has plans to incorporate 3PAR's storage technology with its Converged Storage Infrastructure, which will allow customers to access state-of-the-art storage solutions on HP servers and data centres.
Dave Donatelli, the head of HP's server division, said in a statement: “HP's proposal offers superior value to 3PAR's shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR.”