Sun Microsystems Shares Down 30% and Falling
Submitted by WSN_Staff on Mon, 04/06/2009 - 12:06.
Sun Microsystems (NASDAQ:JAVA) shares are down in the $6 range as Sun tells IBM (NYSE:IBM) their takeover price was too low, since when is a 100% premium too little?
The companies were in the final stages of negotiation to decide the purchase price of Sun between $9 per share to $10 per share, and the final deal was to be announced today.
Sun's board rejected the offer as it undervalued the company's market price as the stock of the company has declined from its peak value of $16.37 in May.
The shareholders were expecting to receive an offer between $10 per share to $11 per share in the deal, leading to the largest takeover in the history of IBM.
Analysis and discussion with Paul Meeks of Winsor Asset Management talking about the Sun Micro balking on IBM offer
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