[Techpowerup.com] Sun Microsystems Rejects IBM Buyout Offer

News · 06-04-2009, 07:50 PM

In March IBM was reported to be in the midst of negotiating to acquire Sun Microsystems. On the time of the publication there was no more to talk about, but on Saturday IBM finally made a formal bid of $9.40 a share for Sun, or a deal that would have been valued at about $7 billion. Unfortunate for IBM, Sun rejected the offer and has terminated IBM's right for exclusive merger talks, making Sun open for other merger candidates. IBM, in return, withdrew its buyout offer. Two reasons stay behind Sun's decision, one being the belief that the bid was too low, and the other being the terms of agreement, which give IBM too much flexibility in walking away from the deal. It is unclear if a second bid will be proposed by IBM, or will the negotiation between the two companies continue. Representatives from both IBM and Sun declined to comment on an unannounced information.

Source: CNET News

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