Sun Micro (JAVA) is a public company.
If you were a shareholder on March 9 (admittedly a market low) with the stock trading at $3.84, and I told you that you could sell your stock at $9.40 per share, you would have rightly jumped for joy.
IBM was kind enough to make such an offer. Unfortunately, according to Bloomberg, founder Scott McNealy and the rest of the JAVA board elected to reject the final iteration of the deal as too cheap. What a joke. I don't know the exact details and don't need to. Boards work for the shareholders (not in this case). JAVA's stock is going to get crushed today and the current JAVA CEO will probably get the boot.
Interesting times ahead. I don't expect IBM to handle this one as poorly as MSFT handled YHOO. I still expect this deal to get done.
If you were a shareholder on March 9 (admittedly a market low) with the stock trading at $3.84, and I told you that you could sell your stock at $9.40 per share, you would have rightly jumped for joy.
IBM was kind enough to make such an offer. Unfortunately, according to Bloomberg, founder Scott McNealy and the rest of the JAVA board elected to reject the final iteration of the deal as too cheap. What a joke. I don't know the exact details and don't need to. Boards work for the shareholders (not in this case). JAVA's stock is going to get crushed today and the current JAVA CEO will probably get the boot.
Interesting times ahead. I don't expect IBM to handle this one as poorly as MSFT handled YHOO. I still expect this deal to get done.
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