Hewlett Packard (NYSE: HPQ) has again raised its offer for data storage company 3PAR (NYSE: PAR) to $1.88 billion, topping Dell`s (Nasdaq: DELL) and its own earlier bid of $1.8 billion, after 3PAR confirmed it was accepting Dell`s $27 per share offer.
The new $30 per share offer equates to around three times the price of 3PAR before the bidding war began last week. Dell`s first offer for the company on Aug 16 was $18 per share or $1.13 billion.
Both HP and Dell are fighting hard for the data storage company to help build each of their cloud computing businesses, as companies all over the world look to store data over the Internet, forgoing the purchase of computer servers.
3PAR said earlier today that its board of directors continue to unanimously recommended Dell's $1.8 billion offer to shareholders.
Based in California, 3PAR is a global provider of utility storage built for public and private cloud computing and designed to eliminate the limitations of traditional storage arrays for utility infrastructures. Its technology helps companies to reduce power consumption and cut storage costs.
3PAR has gone up 21.6% to trade at $31.69 on the New York Stock Exchange as of 11:31am ET.