Oracle said it will buy Sun common stock for $9.50 per share in cash, a 42% premium from Friday's closing price of $6.69.Source: CNN
After accounting for Sun's cash and debt, the deal's value is $5.6 billion, the companies said.
The announcement comes after Sun reportedly rejected a $7 billion buyout offer from IBM (IBM, Fortune 500) earlier this month.
The Redwood Shores, Calif.-based Oracle said it expects Sun to contribute over $1.5 billion to its operating profit this year, and over $2 billion in the second year.
Oracle takes over Sun Microsystems for $7.4 billion
Posted on Monday, April 20 2009 @ 19:17 CEST by Thomas De Maesschalck