Reported by: Eric CRWE Newswire Middle East correspondent
Hewlett Packard has raised its bid to $30 per share for acquisition of 3Par. HP is in competition with its main rival Dell Inc. HP’s latest bid surpassed Dell’s earlier bid for California based storage vendor 3Par.
The war continues between the two giants as Dell on Thursday announced it raised its bid for 3Par after which HP came up with a better offer.
Dell Inc initially placed its bid of $18 for 3Par last week offering a total $1.15 billion in cash, and then HP came up with a counterbid of $24.0 per share equivalent to total transaction of $1.6 billion. Dell Inc again made another bid of $24.30 for 3Par in response of HP’s offer.
However HP came up with a swift response with its latest bid of $30 on Friday totaling $2.0 billion.
The Acquisition of 3Par is crucial for both US computer manufacturers as both Dell and HP are looking to build their cloud computing business and 3Par seems to have an answer for their latest venture.
Dell Inc (NASDAQ:DELL) surged 1.17 percent to close on $11.89 with total volume of 34.01 million shares whereas Hewlett-Packard Company (NYSE:HPQ) slipped 0.58 percent to $38 with volume of 38.17 million shares on Friday.
3PAR Inc. (NYSE:PAR) surged 24.70 percent to $32.46 on the news of raised bid by HP whereas their volume stood at 22.61 million shares in the last trading session.
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