Dell Surrenders In 3Par Bidding War

Shares of 3Par Inc. are seen trading higher today as Dell DELL bows out of the race to acquire the California based cloud computing service provider. Hewlett Packard HPQ has agreed to buy 3Par for $33 per share. This announcement comes after weeks of battling to acquire 3Par. In a report from the New York Times, valuations for 3Par, a company that has lost money in its three years as a public company, have long since launched in the stratosphere. H.P.’s offer values 3Par at more than nine times annual revenue. Shares of 3Par closed yesterday at $32.08