It looks like Dell may win out on the clash with HP over the 3PAR acquisition.  After HP outbid Dell for 3PAR, Dell has returned with a higher offer.  Dell has revised its merger agreement with 3PAR, offering up $24.30 per share.  3PAR has reportedly accepted the offer.  From the Wall Street Journal,

The agreement, which has been approved by 3PAR’s board, values the storage technology company at $1.53 billion, based on roughly 63 million shares outstanding. The board has deemed Dell’s proposal “superior.”

Dave Vellante chimes in on 3PAR’s rising price tag, saying,

“This thing is going higher. 3PAR’s market value is already greater than Dell’s revised bid and even though its value will correct somewhat to reflect this we should expect HP to counter. HP has stated that it has a very strong internal business case and both HP and Dell have plenty of cash so it wouldn’t surprise me to see the final offer approach or exceed $2B. It’s clear 3PAR has substantial strategic value to both HP and Dell.”

We’ve shared our own thoughts on the matter, specifically addressing how 3PAR managed to spark a bidding war with such high valuations in the first place.  Read more analysis and background here.