Sun Microsystems stockholders approve $7.4B takeover by Oracle
By APThursday, July 16, 2009
Sun shareholders approve $7.4B Oracle deal
SAN FRANCISCO — Sun Microsystems Inc.’s shareholders have approved the $7.4 billion sale of the struggling company to business software maker Oracle Corp.
About 62 percent of Sun’s shares were cast in favor of the deal at a special meeting Thursday.
The Justice Department last month extended its antitrust review, but Oracle’s lawyers say it’s not expected to prevent the deal from closing this summer.
Oracle’s $9.50-per-share offer trumped a lower bid by rival IBM Corp. and was nearly double the price Sun had before acquisition talks leaked in March.
Sun’s finances have wobbled since the dot-com meltdown in 2001, in part because of a shift toward lower-cost computer servers.
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