IBM, Sun Talks Are Near Collapse

国际商业机器公司(IBM)与Sun电子计算机公司(Sun Microsystems Inc.)之间的谈判周日濒临破裂的边缘，可能破坏一桩有望将硅谷招牌公司之一的Sun收于蓝色巨人IBM麾下的70亿美元收购交易。据知情人士透露，Sun的董事会上周六拒绝了IBM提出的正式收购要约。他们说，董事会认为IBM提出的价格过低。据信收购价格在9.40美元或更低。一位知情人士说，Sun还担心收购要约给了IBM太多收购Sun的“选择”，意思是IBM会有太多的回旋余地可以从交易中退出。最后阶段的交易磋商常常充满了“最后一搏”的味道，双方的立场变得更加强硬可能只是为了不久后达成全盘交易。不过眼下两家公司的立场还是有冲突的。一位知情人士说，Sun发了一份通知，终止了与IBM排他性磋商的协议，实际上是中断了谈判。一位知情人士说，作为回应，IBM收回了收购Sun的要约。当有关谈判的消息首次传出时，人们曾预计Sun会获得每股10-11美元的报价，但是由于Sun要求IBM作出承诺，在遭遇可能的反垄断障碍时会继续推进交易，收购价格明显下降。现在还不清楚Sun是否在等待其他公司提出收购的兴趣。知情人士说，在IBM表示了收购的兴趣之后，Sun的投资银行家在去年冬天接触了大部分大型信息技术企业，不过所有这些公司都放弃了。如果IBM提高收购价码，Sun是否会对重启谈判持开放态度，这一点还不清楚。自上个月《华尔街日报》披露了IBM和Sun之间的可能交易之后，两家公司一直拒绝发表公开评论。IBM发言人迈克尔•费(Michael Fay)没有回复记者请求置评的电话。知情人士说，IBM律师进行了详细的尽职调查，确信Sun的许可证和合约中没有阻碍收购的内容。William M. Bulkeley / Dennis K. Berman / Matthew Karnitschnig相关阅读IBM接近达成收购Sun的交易 2009-04-03尽职调查延缓IBM收购Sun进程 2009-03-21IBM收购Sun：100%溢价为哪般？ 2009-03-20IBM属意Sun 科技业并购再起波澜 2009-03-19IBM收购升阳电脑报价或为每股10美元-11美元 2009-03-19 本文涉及股票或公司document.write (truthmeter('2009年04月06日08:58', 'IBM'));International Business Machines Corp.总部地点：美国上市地点：纽约证交所股票代码：IBMdocument.write (truthmeter('2009年04月06日08:58', 'JAVA'));Sun电子计算机公司（又名：升阳电脑)英文名称：Sun Microsystems Inc.总部地点：美国上市地点：纳斯达克股票代码：JAVA


Talks between International Business Machines Corp. and Sun Microsystems Inc. were on the brink of collapse Sunday, threatening to undermine a potential $7 billion acquisition that would have placed one of Silicon Valley's iconic companies under the Big Blue umbrella.People familiar with the situation say that Sun's board rejected a formal acquisition offer by IBM on Saturday. They say the board felt IBM's offering price -- believed to be $9.40 or below -- was too low. Sun also feared that the offer gave too much 'optionality' in purchasing Sun, said one person familiar with the talks, meaning that IBM would have too much leeway to walk away from the deal.Late-stage deal negotiations are often full of brinksmanship, and it's possible the two sides are hardening their positions only to strike a full deal in the near future. But for now the stance is confrontational.A person familiar with the situation said that Sun has sent a notice terminating IBM's agreement for exclusive negotiations, effectively breaking off the talks. In return IBM has withdrawn its offer to buy Sun, said a person informed about he situation.When word of the talks first leaked people had expected Sun to fetch $10 to $11 a share, but the price apparently came down as Sun demanded assurances that IBM would proceed with the deal in the face of anticipated challenges by antitrust regulators.It isn't clear whether Sun expects interest by other companies. According to people familiar with the situation, its investment bankers approached most large information-technology firms during the winter after IBM expressed interest in an acquisition, and all of them passed.It isn't clear whether Sun would be open to resuming the talks if IBM sweetened its offer. Ever since word of the possible deal broke last month in the Wall Street Journal, the two sides declined public comment. IBM spokesman Michael Fay didn't return calls for comment.People familiar with the situation say that IBM's lawyers had conducted extensive due diligence and satisfied themselves that there weren't any impediments to a merger lurking in Sun's licensing and contracts.William M. Bulkeley / Dennis K. Berman / Matthew Karnitschnig