socialmedian: Oracle Agrees to Acquire Sun Microsystems

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Oracle Acquired Sun Microsystems By sunil

Apr 20, 2009

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Oracle Agrees to Acquire Sun Microsystems - NYTimes.com

Source: Delicious/rsepulveda

Apr 20, 2009

Summary

The Oracle Corporation, the technology information company, announced Monday that it would acquire a rival, Sun Microsystems, for $9.50 a share, or about $7.4 billion.

The agreement with Oracle came about two weeks after I.B.M. ended its talks with Sun. The Sun board balked at that deal after I.B.M. lowered its offer to $9.40 a share from $10. Still, Monday’s deal represented a 42 percent premium over Sun’s closing price of $6.69 on Friday.

Oracle and Sun said in a statement that net of Sun’s cash and debt, the deal was valued at $5.6 billion.

Lawrence J. Ellison, Oracle’s co-founder and chief executive, and Scott G. McNealy, Sun’s co-founder and chairman, have been two of Silicon Valley’s closest allies over the last 20 years. Their companies turned into two of the superstars of the Internet build out, and both executives made ribbing rival Microsoft a favored pastime.

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