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IBM-Sun takeover talks 'collapse' IBM-Sun takeover talks 'collapse'
(about 2 hours later)
IBM's talks to acquire computer hardware maker Sun Microsystems $7bn (£4.7bn) takeover have broken down, media reports say.IBM's talks to acquire computer hardware maker Sun Microsystems $7bn (£4.7bn) takeover have broken down, media reports say.
The talks were said to be in their final stages in recent days and it is not clear whether the collapse in negotiations is final.The talks were said to be in their final stages in recent days and it is not clear whether the collapse in negotiations is final.
IBM offered about $9.50 per share, near double the value of Sun's shares when the deal was first reported last month. News that the tie-up was in trouble sent Sun shares down 22% in morning trade, while IBM shares slipped 2%.
Buying Sun would have been IBM's biggest purchase to date.Buying Sun would have been IBM's biggest purchase to date.
IBM reportedly offered about $9.50 per share, near double the value of Sun's shares when the deal was first reported last month.
Sun, which developed the Java programming language, was an investor darling during the technology boom.Sun, which developed the Java programming language, was an investor darling during the technology boom.
However, the company is expected to report its third straight quarterly loss as the recession hits corporate demand for its products. But the firm is being hit as the recession dents demand for its products.
It is also in the process of cutting 6,000 jobs. Sun is in the process of cutting 6,000 jobs and it is expected to report a third consecutive quarterly loss.
Company sources told the Associated Press news agency that the two sides were haggling over price and also over whether IBM would go ahead with the deal if competition issues emerged.Company sources told the Associated Press news agency that the two sides were haggling over price and also over whether IBM would go ahead with the deal if competition issues emerged.