A rare technology sector bidding war raged on late Tuesday as data storage company 3Par Inc. (NYSE: PAR) announced it would start merger talks with Hewlett-Packard Co. (NYSE: HPQ), pressuring rival Dell Inc. (Nasdaq: DELL) to make another bid to win the key growth opportunity into enterprise storage business.
In a Securities and Exchange Commission (SEC) filing late Tuesday, 3Par wrote that HP's $1.6 billion offer was "reasonably likely" to win support from its board. HP announced the $24 per share bid Monday, topping Dell's Aug. 16 offer of $1.15 billion, or $18 a share, by 33%.
The steep price increase comes at a time when tech companies are vying to acquire businesses that broaden their product offerings, and tech powerhouses are quickly snatching up quality companies.
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HP, Dell Land In Pricey Bidding War as Tech Sector M&A Heats Up
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