Democratic Underground - Oracle to Buy Sun Microsystems for $7.4 Billion

Oracle to Buy Sun Microsystems for $7.4 Billion [View All]

tomm2thumbs

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Mon Apr-20-09 06:50 AM
Original message

Oracle to Buy Sun Microsystems for $7.4 Billion

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Edited on Mon Apr-20-09 07:01 AM by tomm2thumbs

Source: Bloomberg

April 20 (Bloomberg) -- Oracle Corp. agreed to buy Sun Microsystems Inc. for $7.4 billion, or $9.50 a share in cash... Oracle said the boards of both companies unanimously approved the transaction, which is anticipated to close this summer, subject to Sun stockholder approval, certain regulatory approvals and customary closing conditions.

There will be a conference call today to discuss the transaction at 5:30 a.m. Pacific time. Investors can listen to the conference call by dialing (719) 234-7870, passcode 923645.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=a38_8MJNSjR4&refer=home

IBM had offered to buy Sun for $9.40 per share, but acquisition talks fell apart earlier this month after Sun canceled IBM's exclusive negotiating rights, and IBM withdrew its offer.

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Oracle to Buy Sun Microsystems for $7.4 Billion [View All]