Dell has given up on its bidding war with HP to acquire virtualisation storage company 3PAR.
Yesterday, the company tried to top HP's last bid of $30 (19.48) a share the equivalent of $2 billion by offering 3PAR $32 a share.
However, HP leapt straight back in with an offer of $33 a share, working out as an astounding offer of $2.4 billion.
Now it would seem that Dell has thrown in the towel despite being the first firm to make an offer and walked away, albeit with a $72 million break up fee to soften the blow.
"We took a measured approach throughout the process and have decided to end these discussions," said Dave Johnson, senior vice president of corporate strategy at Dell.
Brian Gladden, chief financial officer at Dell, added: "We will continue to put the interests of our customers and shareholders at the forefront of all our decisions. Our focus is to create long-term value."
Now 3PAR has until midnight on 24 September to accept the deal before it expires. HP has said it expects the acquisition to be completed by the end of the calendar year.
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