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Actuate Corporation Message Board

  • goofy_investor goofy_investor Apr 5, 2009 7:39 PM Flag

    IBM walked away from acquiring sun

    First, IBM wanted to pay less and now it does not want the deal.

    AP sources: Sun deal cloudy after IBM pulls offer
    AP sources: In late stages of talks, IBM withdraws offer to acquire Sun Microsystems
    Brian Bergstein and Jordan Robertson, AP Technology Writers
    Sunday April 5, 2009, 7:25 pm EDT

    IBM Corp. withdrew its offer to buy Sun Microsystems Inc. for about $7 billion this weekend, clouding the prospects for a deal that would have shaken up the computing industry, The Associated Press has learned.

    Talks were in their final stages in recent days, but IBM took its offer off the table after Sun terminated IBM's status as its exclusive negotiating partner, according to two people familiar with the situation, who spoke on condition of anonymity because they were not authorized to disclose the negotiations.

    One of these people said the two sides were still meeting Sunday.

    Armonk, N.Y.-based IBM was believed to be offering about $9.50 per share for Sun. That was about double the price the Santa Clara, Calif.-based server and software maker was trading for when the discussions leaked last month. Sun shares closed Friday at $8.49.

    Sun was one of the darlings of the dot-com era but spent most of this decade struggling to find its place, wrestling with huge losses and thousands of layoffs. As a result many analysts were not surprised Sun and IBM were in talks.

    Sun still owns key server and business-software technologies that might fit in IBM's product and services lineup. But a deal likely would face antitrust questions, and in addition to haggling over price, Sun has been pushing IBM to make certain commitments to seeing the deal through such scrutiny.


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