Linux Journal's Justin Ryan
the latest news involving IBM's plans to acquire Sun Microsystems.
"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.
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