IBM withdraws $7 bn buyout offer for Sun Microsystems

As per a media report, IBM has withdrawn its $7 billion buy out offer for Sun Microsystems. IBM reduced its offer on Saturday from $ 9.55, to $ 9.40 which was proposed late last week. The Sun board did not reject the offer outright, but wanted certain guarantees that the IBM side considered onerous. Sun then said, it would no longer abide by its exclusive negotiating agreement with IBM. And on Sunday, IBM's board decided to withdraw the offer.

Published on: Apr 7, 2009