Hewlett-Packard looks set to complete the acquisition of virtualised storage provider 3PAR after bidding rival Dell declined to match its latest offer of $2.4 billion.

The figure is more than twice the initial $1.15 billion takeover bid Dell made on 16 August. At the time that offer represented an 87% premium over 3PAR’s total market value.

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HP trumped Dell’s initial bid, and the company’s submitted competing offers until Dell’s acquiesence today. HP’s winning bid represents a 160% premium over 3PAR’s market capitalisation before the bidding war began.

“We took a measured approach throughout the process and have decided to end these discussions,” said Dave Johnson, Dell’s senior vice president of corporate strategy, in a statement released today.

3PAR’s storage managment technology is designed for use with virtualised IT environments, and is predicted to be a valuable asset as organisations seek to wring greater efficiencies from the IT infrastructure through continued virtualisation.

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