HP raises bid for 3Par, besting Dell

HP raises bid for 3Par, besting Dell

SEATTLE

Hewlett-Packard Co. again has raised its bid for 3Par Inc. above an offer from rival Dell Inc., suggesting that the little-known data-storage maker could be worth more with one of the PC companies’ marketing muscle behind it.

The latest offer from HP for $27 per share in cash, or about $1.69 billion, is nearly three times what 3Par had been trading at before Dell made the first bid last week.

Earlier Thursday, Dell said 3Par had accepted its second offer of $24.30 per share in cash, or $1.52 billion. Dell made its first offer, $18 per share, for 3Par on Aug. 16, and HP responded Monday with a bid of $24 per share.

Mortgage rates drop to 4.36 percent

NEW YORK

Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks, as concerns grow that the economy is weakening.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971.

The average rate on 15-year fixed loans dropped to 3.86 percent from 3.90 percent the previous week. That’s the lowest on records starting in 1991.

Associated Press