After IBM dropped its bid to buy the looming Sun Microsystems, Oracle, leading database software maker showed interest to Sun Microsystems - creator of the mobile and web applications Java. Hmmm, everybody is buying now.
Sun, which invented the Java programming language used to develop applications for Web sites and mobile phones, has been reluctant to sacrifice its independence, even as it reports big losses. Despite billions in sales — $13.3 billion over the last four quarters — the company has not been able to turn a consistent profit, losing $1.9 billion in the same period.
Redwood Shores, Calif.-based Oracle will buy Sun shares for $9.50 each in cash. The price represents a 42 percent premium to Sun's Friday closing stock price of $6.69. Net of Sun's cash and debt, the transaction is valued at $5.6 billion, Oracle said...The transaction has been approved by Sun's board of directors. Oracle expects to close the deal this summer. (Y! News)
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