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Oracle Buys Sun Microsystems
20 Apr 2009
Oracle Corp has bought Sun Microsystems Inc for $9.50 a share, valuing the high-end computer server maker at more than $7 billion.
The surprise announcement from the two companies came after deal talks between IBM and Sun fell apart earlier this month. Sun had turned down IBM's offer to pay up to $9.40 a share.
Sun shares jumped 37.5 percent to $9.20 in premarket trading, while Oracle shares fell 4.5 percent to $18.34. The price of $9.50 a share values Sun at about $7.1 billion based on about 745 million shares outstanding, according to Sun's latest regulatory filings.
The transaction is valued at about $7.4 billion, or $5.6 billion net of cash and debt.
Tags
oracle, sun microsystems, sun
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