In any case, Dell had already made its competitive intentions clear by going after 3Par, Peters added.
Meanwhile, Dell users committed to using EMC are "probably going to be very cautious and not thrilled in the short term," he said.
Compellent investors aren't thrilled with the news either. Shares of the company fell 13% to $29.31 in early trading Thursday.
While Dell will probably end up raising its offer for Compellent, it's unclear whether the company will be subject to a bidding war like that which engulfed 3Par, Reichman said. One potential suitor could be Cisco but even that is far from certain, he said.
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