According to reports by Reuters, Otellini said Sun has been shopping itself around to prospective buyers for months, offering to sell all or part of the company. Last fall, Sun declared a $1.2 billion year-over-year revenue decline and announced layoffs for more than 6,500 employees.
“I can tell you that Sun was shopped around the valley and around the world in the last few months,” Otellini said in Securities and Exchange Commission filings. “A lot of companies got calls or visits on buying some or all the assets of the company. It looks like IBM is in the hunt now. And at a hundred-and-some-odd-percent premium, I suspect they’ll get it.”