Report: IBM cuts price on Sun deal
IBM has reportedly lowered its buyout price for Sun Microsystems to a range of $9 to $10 per share, shaving a dollar off its previously discussed range, according to the Journal.
IBM has reportedly cut its purchase price for Sun Microsystems to a range of $9 to $10 a share. And Sun is apparently willing to accept the lower range providing IBM agrees to pursue the deal, even in the face of antitrust scrutiny, according to a report Thursday in The Wall Street Journal.
Previously, IBM was contemplating a buyout price of $10 to $11 a share, according to the Journal. Big Blue had recently been delving into Sun Microsystems' contracts for any possible conflicts, as part of its.
Sun Microsystems stock spiked 6.25 percent to $8.50 a share on initial reports Thursday that IBM lowered its price and Sun was willing to accept it, but then Sun's shares tempered as more news filtered out that the deal was still under discussions and there was no guarantee it will ultimately go through.
Sun subsequently was up a mere 1.63 percent to $8.13 a share in intra-day trading Thursday.
Prior to reports last month that, Sun Microsystems' shares had largely languished below $5 a share for the past five months.