IBM Withdraws Sun Microsystems Takeover Bid

IBM withdrew its $7 billion takeover offer for Sun Microsystems on Sunday, just one day after the Sun board balked at a reduced offer.

On Saturday, IBM had dropped its bid from $9.55 a share to $9.40 a share after the issues rose in due-diligence.

The board of directors at Sun Microsystems didn't decline the offer, but instead asked for a few concessions that IBM wanted no part of.

Sun's stock prices closed at $8.49 on Friday, up from a 52 week low of $2.60. Sun stock was trading at $4.97 before the takeoever offer was disclosed.

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