Thursday, April 16, 2009 10:51:54 AM
AP-NEW YORK (Reuters) – IBM is no longer interested in buying smaller rival Sun Microsystems Inc at any price, due to concerns that such a deal would draw intense regulatory scrutiny, CNBC reported on Thursday.
Citing sources close to Sun, CNBC said the high-end computer maker had approached International Business Machines Corp earlier this week to ask it to return to the negotiating table, indicating that Sun would be flexible about price.
But IBM has decided it is not interested in any further negotiations with Sun, the cable news network reported, citing sources close to IBM.
IBM's contacts within the U.S. Justice Department, U.S. Securities and Exchange Commission and the European Union have all advised the company that such a merger could be subject to an antitrust review lasting six to nine months, CNBC said.
Sun declined to comment. IBM was not immediately available for comment. IBM had withdrawn a $7 billion offer for Sun earlier this month, after the smaller company rejected the bid as too low, sources with knowledge of the matter have said.
Shares of Sun erased pre-market gains of about 7 percent to trade at $6.18, up less than 1 percent from their previous close on the Nasdaq. IBM shares were up 1.45 percent at $100.28 on the New York Stock Exchange.
(Reporting by Ritsuko Ando, writing by Tiffany Wu; Editing by Derek Caney)
http://tickermyfeed.com/news.php/MHx8eWFob28=/ibm_not_interested_in_sun_at_any_price_report
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM