Santa Clara, Calif. -- IBM's potential $7 billion acquisition of Santa Clara-based server maker Sun Microsystems may be on the verge of collapse, after Sun's board rejected the company's takeover offer over the weekend, The Wall Street Journal reported. Sun's board also reportedly has terminated a deal to exclusively negotiate with IBM, with board members split over what move to make next. The news comes days after IBM cut its proposed takeover price to $9-$10 a share, down from $10-$11 as the companies has discussed previously. The news sent shares of Sun down 23% in Monday's trading.
http://online.wsj.com/article/SB123896664697090681.html (subscription required)
http://www.marketwatch.com/news/story/sun-shares-plunge-almost-23/story.aspx?guid=%7BE0A978DF%2DAF74%2D4D72%2DA4D5%2D5C2F52B08CF4%7D&siteid=yhoof
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