HP wins 3PAR for $2.4 billion, Dell bows out

Hewlett-Packard won the bidding war to buy data storage company 3PAR Inc for $2.4 billion, after rival Dell Inc bowed out from a drawn-out bidding war on Thursday. HP raised its offer by $3 to $33 per share, beating Dell's latest $32-a-share offer and ending an exchange of bids that escalated to levels that many analysts said was too high. 

The deal values 3PAR at over eight times sales, and many analysts have said that was too high for a company that has barely ever made a profit since it was founded in 1999. Multiples above five are considered lofty in technology deals.

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