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Monday April 6, 2009
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Over the weekend IBM withdrew a $7 billion bid for Sun Microsystem. The move follows some dissatisfaction with the bid on the part of Sun, despite the fact that IBM's offer was far above the company's market valuation.
The deal valued Sun at $9.40 a share. IBM is expected by some to restart talks, should Sun's value drop below $8.49. The New York Times' report on the subject cites three sources who asked the paper to maintain their anonymity. "There's lots of testosterone going back and forth," one of the sources told the paper.
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April 6, 2009 10:54 AM
Yowch. That's a HUGE deal gone bust.