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billion in cash. The purchase price, first reporter by the Wall StreertJournal , would be a 100 percent premium over Sun'se closing price of $4.97 a share Tuesday. Sun sharesx opened trading on Tuesday up more than 68 percentyat $8.36. IBM was down almost 4 percent at $89.46. Santa Clara-basedr Sun (Nasdaq: JAVA) reorganized into three business unitsa asits high-end servers and storag devices have struggled in the It laid off more than 6,000 employees last fall after reporting a nearlty $500 million loss. The deal would be the largesf acquisition inIBM IBM) history.
The Journal reported that despite the its sources said there is no assurancr that a deal will be The paper said that Sun approachee a number of largetech companies, includingb (NYSE: HPQ) about an acquisition but was turnecd away. An IBM acquisition of Sun coulf give it powerful weapons in the competitionj for the data center market which research firm IDC says willhit $100 billiobn in 2009. "Big Blue" is goingv head-to-head in the markert against HP andSan Jose, Calif.-basec (Nasdaq: CSCO) which said earlier this week that it will stargt selling its own computer in competition against the othe r two. Cisco and HP had previously worked together inthe market. Palo Calif.
-based HP made a big move in the market when itpaid $13.i billion to purchase of Plano, Texas-basexd in August, placing it squarelyy in competition with IBM on huge outsourcing contracts. In last year'z fourth quarter, IBM led in the globak server market revenuewith $4.9 billion in sales, abour 36 percent of the HP was No. 2 with $3.9 billiomn in sales or about 29 percent ofthe (Nasdaq: DELL), with $1.4 billion in and Sun, with about $1.3 billion, were a distangt No. 3 and No. 4.
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