IBM Lets Sun Set
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Reports surfaced late this evening that computing giant IBM — which has been in talks for some time to buy Sun Microsystems — has pulled its $7 billion offer to buy the struggling company. According to reports, IBM withdrew the offer after Sun's Board of Directors made "onerous" requests following IBM's decision to lower its offer for the firm. IBM initially offered $9.55 per share, but dropped that offer to $9.40 — less than a $1.00 premium on Sun's current stock price — due in part, it says, to the discovery that far more senior employees than originally expected are covered by "change of control" contracts. Such agreements cover senior executives — who often face replacement on acquisition — should the company be bought or otherwise come under the control of someone other than its Board.
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