Computer maker Dell has said it is dropping out of the bidding for data storage company 3PAR.
The announcement came after rival Hewlett-Packard earlier raised its offer for 3PAR to $33 per share or $2.4 billion.
The 3PAR board of directors, in a statement, said the HP offer was 'superior' to a $32 per share bid from Dell.
'We took a measured approach throughout the process and have decided to end these discussions,' Dave Johnson, Dell's senior vice president for corporate strategy, said in a statement. Dell also said it was entitled to receive a $72m break-up fee from 3PAR.
Computer giants HP and Dell have been bidding for 3PAR since Dell offered $18 a share for the company last month.
