Sun Microsystems Shares Down 30% and Falling

Sun Microsystems (JAVA)

Sun Microsystems (NASDAQ:JAVA) shares are down in the $6 range as Sun tells IBM (NYSE:IBM) their takeover price was too low, since when is a 100% premium too little?

I.B.M. Withdraws $7 Billion Offer for Sun Microsystems

IBM

After weeks of negotiations, I.B.M. (NYSE:IBM) withdrew its $7 billion bid for Sun Microsystems (NASDAQ:JAVA) on Sunday, one day after Sun’s board balked at a reduced offer, according to the New York Times.

Sun Microsystems, sold to IBM for $7 Billion

IBM

Well the rumors have been creating buzz for a while and lifting Sun Microsystems (NASDAQ:JAVA) shares these past few weeks, now we have confirmation from the NY Times that IBM (NYSE:IBM) will pay $9.50 a share for Sun.

Sun Microsystems journey to $4 a share

Sun Microsystems (JAVA)

Eight years ago Sun Microsystems, Inc. (NASDAQ:JAVA) shares were over $200 and Friday the stock closed at $4.12 even after announcing plans to cut more than 15% of their global workforce over the next year.

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