Just as many imagined, Dell has finally given up its pursuit of data storage provider 3PAR after engaging in a fierce bidding war with arch-rival Hewlett-Packard for around two weeks. Once the world's leading PC maker, Dell announced earlier today that it won't be increasing its most recent bid to acquire 3PAR, making the coveted storage vendor's acquisition by HP a mere formality.
The deal worth $2.4 billion, or $33 per share, was quickly approved by the boards of directors of both HP and 3PAR following news of Dell's exit. The two companies have signed a definitive merger agreement. As for Dell, it has already received the $72 million break-up fee that it was entitled to on the termination of its merger agreement with 3PAR.