Sun Microsystems (JAVA) Soars On Reports IBM (IBM) Will Buy The Company
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Shares of Sun Microsystems Inc. (Nasdaq: JAVA) are surging in pre-open trading on reports from the Wall Street Journal IBM (NYSE: IBM) in talks to buy the company in a move that would bolster IBM's heft on the Internet, in software and in finance and telecommunications markets.
If the deal does go through, IBM is likely to pay at least $6.5 billion in cash to acquire Sun, which is a 100% premium to yesterday's closing price.
While talks are under way, they could still fall apart and a deal might not occur.
UPDATE: A follow-up report from the Journal, suggests a bid could come in between $10-$11 per share.
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crazy
Anthony Kearney on Mar 18, 2009 07:35 PMWhy buy a company that is not doing well, let it crash.