Timeline of the Sun Sale
What follows is a timeline review of the events and decisions that resulted in
the April 20 announcement that Sun would end its 27-year tenure as an
independent IT hardware, software and services provider and be acquired by
Oracle, one of the world's largest enterprise software providers.
Nov. 6, 2008: The CEO of "Party A," Sam Palmisano of IBM, approaches Sun President and CEO Jonathan Schwartz and suggests a possible business combination transaction. The words "acquisition" and "merger" were not used in this part of the document.
Dec. 19, 2008: Sun and IBM enter into a confidentiality agreement, after which IBM begins its due-diligence investigation of the company.
Jan. 28, 2009: IBM delivers a preliminary proposal to Sun, proposing to acquire the company at a price of $8.40 per share to $8.70 per share in cash. This represents about an 80 percent premium on the current selling price of Sun stock.
Jan. 29: Sun hires Credit Suisse to be its financial adviser for a possible acquisition or merger with IBM.
Feb. 12: Schwartz, at the direction of the Sun board, speaks with the CEO of "Party B"-which eWEEK is told was HP-about a possible strategic transaction.
Feb. 18: Sun enters into a confidentiality agreement with HP, at which point HP begins its own due diligence investigation.
Feb. 20: IBM delivers a revised proposal to the Sun board, proposing an acquisition of the company at a price per share of $10 in cash.