SEATTLE (AP) — Hewlett-Packard Co. said Thursday it is raising its offer for data-storage maker 3Par Inc. to about $1.69 billion, topping a revised bid that rival Dell Inc. made public earlier in the day.
HP's new offer is for $27 per share in cash. Earlier, Dell said 3Par had accepted its second offer of $24.30 per share in cash, or $1.52 billion.
Dell made its first offer, $18 per share, for 3Par on Aug. 16. HP kicked off the bidding contest with its counteroffer Monday.
The back-and-forth bidding over previously obscure 3Par underscores how serious Dell and HP, among the world's largest PC makers, are about finding more profitable businesses than selling computers.
The companies that made personal computers affordable and ubiquitous must now draw new buyers by selling more sophisticated PCs at ever-lower prices. The cost of parts, meanwhile, has increased, putting even more of a squeeze on profits.