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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Sun shares plummet after IBM talks collapse Mon Apr 6, 2009 11:04am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] NEW YORK (Reuters) - Shares of Sun Microsystems Inc tumbled 23 percent on Monday after the company rejected rival computer and software maker International Business Machines Corp's $7 billion offer. Sun shares fell to $6.52 in early morning trading after Sun pulled the plug on the deal which might have spelled the end of an era for a networking company that was once synonymous with the Internet. The buyout was seen as a means for survival for the once-storied Silicon Valley company, which has been losing market share. Sun was unhappy with IBM's offer of $9.40 per share or below, and it was unclear if talks would resume, according to a source, who was not authorized to speak publicly about the matter. The bid represented a premium of up to 89 percent on Sun's shares before deal talks were first reported last month. Sun shares had risen to $8.49 on Friday, from $4.97 on March 17, a day before talks between the two technology companies were first reported. The Wall Street Journal had previously said IBM's original bid was $10 to $11 a share. The deal may have helped IBM bolster its offering of computer servers, storage equipment and software as competition heats up with rivals like Hewlett-Packard Co. Sun rose to prominence selling high-end computer servers in the 1990s but never fully recovered from the dot-com bubble burst earlier this decade. Analysts also say it failed to fully capitalize on its software assets including Solaris and Java. Failed talks with IBM could mean that Sun will need to find another buyer, and contend with a lower offer. But no bidder other than IBM has emerged in the months that Sun has been shopping itself. (Reporting by Franklin Paul) © Thomson Reuters 2009 All rights reserved Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Egypt police detain Muslim Brotherhood blogger also on reuters Blog: Sex, drugs and toxic shrubs: Best reads of March New York bankers best paid, London at bottom: poll Video Video: Who wants the best job in the world? More Technology News New T-Mobile gadgets to sport Google's Android: report Egypt police detain Muslim Brotherhood blogger Taiwan researchers say invent cheap quake sensing tool Google should defend trademark suit: appeals court Sony PS3 outsells Nintendo Wii in March in Japan More Technology News... Related News TIMELINE: Major events at Sun Microsystems 11:04am EDT Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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