Dell has raised its acquisition offer for storage vendor 3PAR to $24.30 a share, slightly higher than the $24 a share bid from HP, and said that 3PAR had accepted its bid. Of course, 3PAR's board previously accepted an $18 a share offer from Dell, so the focus now shifts back to whether HP will up the ante with another bid.
In a press release, Dell said that its initial offer for 3PAR included "a provision for matching competing bids." The improved offer values 3PAR at $1.6 billion. “With the 3PAR acquisition, Dell will have the broadest set of differentiated storage solutions in the market today,” said Dave Johnson, senior vice president, Dell corporate strategy.
Is a higher bid coming? Investors certainly seem to think so. Shares of 3PAR (PAR) are trading this morning at $26.37, more than $2 a share above Dell's latest offer.
For background and analysis of the 3PAR takeover fight, see Analysis: Dell-3PAR Storage Acquisition, It's HP vs. Dell in Bidding War for 3PAR and Mega-Roundup: The Battle for 3PAR.