IBM Near Deal To Buy Sun For Lower Price

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国际商业机器公司(International Business Machines，简称IBM)和太阳计算机系统有限公司(Sun Microsystems Inc., 简称：Sun)两大商业计算机巨头的并购谈判已进入最后阶段。据知情人士透露，两家公司正在讨论一桩交易，IBM将以每股9.55美元的价格收购Sun，这个价格比Sun此前预期降低了大约1美元。按照调整后的价格，Sun的整体估值为70亿美元左右，IBM原本需要支付的金额减少了约7.5亿美元。上述知情人士说，作为回报，Sun要求IBM保证即便面临监管机构强烈反对，也将尽量争取完成交易。知情人士说，双方可能很快宣布达成协议。不过谈判仍有可能破裂。Sun和IBM发言人均拒绝置评。律师和分析师已经提出这桩可能的并购交易存在两大反垄断问题，不过监管机构是否也有这方面的考虑还不清楚。IBM和Sun占有高端Unix服务器65%的市场份额，同时两家公司几乎瓜分了整个基于磁带的存储设备的市场。两家公司可能同意剥离或出售一部分磁带库业务，以达到监管要求。它们也可能会直面Unix服务器市场的反垄断审查，它们可能会争辩说，这个市场已经在下滑，而且消费者在范围更广的服务器市场有其他的替代选择，同时进入服务器市场的门槛也很低。思科系统(Cisco Systems Inc., 简称：思科)不久前就宣布了进军服务器市场的计划，同时运行服务器的免费Linux软件也很普遍。Sun的股价周四在纳斯达克市场上涨0.15美元，至8.15美元，该公司市值由此达到约61亿美元。该股本周曾下挫，因投资者担心交易不成功。Sun处于不利的谈判地位，因为谈判在达成协议前就公布了，提振Sun的股价上涨了一倍。投资者们担心如果IBM放弃收购，可能会导致Sun的股价剧跌。雅虎(Yahoo Inc.)去年拒绝微软公司(Microsoft Corp.)并购要求时就出现过这种情况。除IBM之外的其他潜在买家很少。知情人士说，其他一些大型信息技术公司考虑过Sun，但还是决定不进行收购。那或许能够解释Sun可能提出更严格的解约要求的原因所在。律师事务所McCarter & English LLP的并购问题专家伯尔科维尔(Howard Berkower)说，最近一段时间，交易解约费大幅上涨。然而，如果交易未能成功，无论多少解约费不能弥补Sun可能出现的市值损失。华盛顿反垄断律师曾在爱尔兰和布鲁塞尔任反垄断监管官员的亨内伯里(Edward Henneberry)说，Sun还可能寻求一项协议，要求如果交易遭到质疑，IBM应上诉，而不是取消交易。或者Sun也可能要求，无论监管机构下令采取何种补偿或剥离措施，买家都必须履行交易。William M. Bulkeley / Heidi N. Moore相关阅读IBM收购Sun报价为每股9.55美元 2009-04-03IBM将在美国裁员 岗位转至印度 2009-03-26IBM收购Sun：100%溢价为哪般？ 2009-03-20IBM属意Sun 科技业并购再起波澜 2009-03-19 本文涉及股票或公司document.write (truthmeter('2009年04月03日13:06', 'IBM'));International Business Machines Corp.总部地点：美国上市地点：纽约证交所股票代码：IBMdocument.write (truthmeter('2009年04月03日13:06', 'JAVA'));Sun电子计算机公司（又名：升阳电脑)英文名称：Sun Microsystems Inc.总部地点：美国上市地点：纳斯达克股票代码：JAVA


International Business Machines Corp. and Sun Microsystems Corp. are in the final stages of negotiations to combine the two corporate computer giants.The companies are now discussing a deal in which IBM would pay $9.55 a share for Sun, about $1-a-share lower than Sun previously expected, according to people familiar with the talks. The revised price -- valuing the entire company at about $7 billion -- would lower the amount IBM would have to pay by roughly $750 million.In return, Sun is demanding assurances that IBM will push to complete a deal even if it faces vigorous regulatory objections to the plan, these people said.An agreement could be announced soon, these people said. However, it is still possible the talks could unravel.Sun declined to comment, as did a spokesman for IBM.Lawyers and analysts have raised two main antitrust concerns with the possible combination, though it is still unclear whether regulators share those concerns.IBM and Sun have a dominant 65% share in the market for high-end Unix servers, and between them would have virtually the entire market for tape-based storage devices.The companies could agree to spin off or sell one of the tape-library operations to pass regulatory muster. They could also brave an antitrust review on the Unix server market by arguing it is already in decline and that customers have other alternatives in the broader server market -- and that barriers to entry into the server market are low. Cisco Systems Inc. recently announced plans to enter the server market, and there is widespread availability of free Linux software to run servers.Sun shares rose 15 cents to $8.15 Thursday on the Nasdaq Stock Market, giving the company a market value of about $6.1 billion. The stock had fallen this week because investors feared the deal was off track.Sun is in a difficult negotiating position because the talks were disclosed before an agreement was reached, prompting Sun's stock price to double.Investors fear that if IBM backs off, Sun's stock would drop sharply -- as Yahoo Inc. found out last year when it rejected an offer by Microsoft Corp.There are few other potential bidders besides IBM. Other large information-technology companies looked at Sun and decided to pass, according to people familiar with the situation.That could help explain why Sun may be pressing for tighter break-up terms. Howard Berkower, a merger-and-acquisitions specialist at the law firm McCarter & English LLP, said walk-away fees in transactions have risen sharply lately. However, any fee would be unlikely to make up for the potential drop in Sun's market value should the deal not close. 'It doesn't beat forcing a bidder to close the deal,' he said.Edward Henneberry, a Washington, D.C., antitrust attorney and former antitrust regulator in Ireland and Brussels, said Sun may also seek an agreement that IBM will go to court if challenged rather than canceling the deal. Or Sun may demand the buyer go through with the deal no matter what remedies or divestitures the regulators order.William M. Bulkeley / Heidi N. Moore