Sun Microsystems Inc. surged in German trading after the Wall Street Journal reported International Business Machines Corp. is in talks to buy the company for at least $6.5 billion.
Sun Microsystems jumped as much as 61 percent to 6 euros at 9:12 a.m. in Frankfurt. The offer would value Sun’s stock at more than double the closing price of $4.97 in the U.S. yesterday, the Wall Street Journal reported, citing people familiar with the plan. An agreement may not be reached, the newspaper said.
An acquisition of Sun Microsystems would bolster IBM’s Internet, data storage, government and telecommunications business, the newspaper said, citing the people.
In recent months, Sun Microsystems has contacted a number of technology companies with the aim of being acquired, people familiar with the matter said, according to the newspaper. Hewlett-Packard Co. declined the offer, the newspaper reported, citing a person briefed on the matter.
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