Hewlett-Packard has made a $1.6 billion cash offer for 3PAR, which produces equipment and runs applications for data storage, challenging a $1.15 billion offer made by Dell a week ago. "Dell and HP don't have a solution at the high end [in cloud computing], so once 3PAR goes away, you'd have to start from scratch," said Tamro Capital Partners' Philip Tasho. Dell declined to comment on HP's move.

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