LayoffBlog.com

March 18, 2009

IBM in talks to buy Sun Microsystems

According to Reuters, Yahoo News: “IBM is in talks to buy Sun Microsystems Inc for at least $6.5 billion, The Wall Street Journal reported, in a deal that could bolster their computer server products against rivals such as Hewlett-Packard Co.

That would translate into a premium of about 100 percent over Sun’s Nasdaq closing price Tuesday of $4.97 a share, the paper said, citing people familiar with the matter.”

Sun stock is down 71 percent in the last 52 weeks, a far cry from an all-time high of $258.75 that it touched during the dot-com boom. The company — which is shedding up to 6,000 jobs, or 18 percent of its workforce — reported a net loss of $209 million for its second quarter ended December 28, compared with year-earlier net profit of $260 million. Revenue fell 11 percent to $3.22 billion.”

2 Comments »

  1. IBM buying Sun is sooo last century. With Sun out of gas, who cares if IBM buys the company or it “winds down” like DEC. Doesn’t IBM have something innovative to do with all that money – like Apple and Google have? Read more at http://www.ThePhoenixPrinciple.com

    Comment by adam hartung — March 18, 2009 @ 7:33 pm | Reply

  2. I heard the Burlington, Mass campus will be hit hard this friday. Tech Support will be cleaned out…

    Comment by Clem Johnson — March 24, 2009 @ 8:33 am | Reply


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