Dell loses the will to fight for 3PAR
It made one more attempt to bid for 3PAR, but once again HP has trumped its offer and Dell has walked away from the deal.
Yesterday, the company tried to top HP's last bid of $30 (19.48) a share the equivalent of $2 billion by offering 3PAR $32 a share.
However, HP leapt straight back in with an offer of $33 a share, working out as an astounding offer of $2.4 billion.
Now it would seem that Dell has thrown in the towel despite being the first firm to make an offer and walked away, albeit with a $72 million break up fee to soften the blow.
"We took a measured approach throughout the process and have decided to end these discussions," said Dave Johnson, senior vice president of corporate strategy at Dell.
Brian Gladden, chief financial officer at Dell, added: "We will continue to put the interests of our customers and shareholders at the forefront of all our decisions. Our focus is to create long-term value."
Now 3PAR has until midnight on 24 September to accept the deal before it expires. HP has said it expects the acquisition to be completed by the end of the calendar year.
Five lessons learned from the pivot to a distributed workforce
Delivering continuity and scale with a remote work strategyDownload now
Connected experiences in a digital transformation
Enable businesses to meet the demands of the futureDownload now
Simplify to secure
Reduce complexity by integrating your security ecosystemDownload now
Enhance the safety and security of your people, assets and operations
Enable a true vision of security with an engineered solution based on hyperconverged and storage platformsDownload now