[Infowarrior] - Oracle buys Sun for $7.4b cash

[Richard Forno]

(Frankly I think IBM was a better fit.....---rf)

Oracle to buy Sun for $7.4B after IBM dropped bid

http://finance.yahoo.com/news/Oracle-to-buy-Sun-for-74B-apf-14969257.html?.v=1

REDWOOD SHORES, California (AP) -- Information technology company  
Oracle Corp. is buying Sun Microsystems Inc. in a cash deal the  
company valued at $7.4 billion. The deal comes after IBM Corp.  
abandoned its bid to buy the networking equipment maker.

Redwood Shores-based Oracle will buy Sun shares for $9.50 each. The  
price represents a 42 percent premium to Sun's Friday closing stock  
price of $6.69. Net of Sun's cash and debt, the transaction is valued  
at $5.6 billion, Oracle says.

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.

The transaction has been approved by Sun's board of directors. Oracle  
expects to close the deal this summer.