Technology.am (Apr. 7, 2009) — Sun Microsystems stood by its leadership team in spite of its stock finished down than 22 percent to close at $6.56 Monday, after rejecting IBM’s last reported offer of $9.40 for the company’s shares.
Reuters reported that “Sun is committed to its leadership team, growth strategy and building value for its shareholders.” Speculation had been building that CEO Jonathan Schwartz was in trouble after The Wall Street Journal reported that Chairman Scott McNealy had quashed a possible deal with IBM over Schwartz’s objections.
IBM and Sun had been talking for several weeks about a merger, but talks broke down Sunday over the price to be paid for one of Silicon Valley’s most iconic companies. Sun has struggled in recent years to translate its success during the last decade to the current period.