Jun 12
Sun Microsystems has announced that a special meeting of it's Board of Directors has approved a July 16, 2009 date for a special stockholder meeting to vote on the adoption of the proposed merger agreement with Oracle Corporation. On April 20, 2009, the companies jointly announced the merger. The transaction is valued at approximately $7.4 billion USD, with Oracle purchasing Sun stock with cash for $9.50 per share, a premium of nearly $3 per share over previous market value. Sun's Board of Directors had already unanimously approved the transaction and it is anticipated to close this summer, subject to this stockholder vote and regulatory approval.
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