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Sun Microsystems turned a cold shoulder to IBM's formal acquisition offer this weekend, noting that the $7 billion bid was not enough, according to a report by The Wall Street Journal. The window of opportunity might be closing for IBM if it's serious about a buyout, as Sun went on to mention it will no longer negotiate exclusively with IBM.
It was reported last month that IBM offered a little less than $10 per share, or nearly double what Sun's stock had been trading at, valuing the deal at close to $7 billion. If completed, IBM and Sun would have accounted for about 65 percent of the market for server computers running Unix and 42 percent of the total server market.
"It's obvious this deal will get a second request (for mor information) from regulators. And once it does, it'll take six months, at a minimum, to a year before a decision is reached," said one attorney who specialized in antitrust matters. "Sun can be twisting in the wind for a year."
It's unclear whether or not Sun would entertain another offer from IBM, or if IBM plans to make another one.