System News for Sun Users - The Blog

Letter Cites Sun’s Precarious Financial Condition, Fears of More Layoffs A group of 59 U.S. senators sent a letter to the European Commission (EC) on Nov. 24 urging the European antitrust regulators to hurry their investigation into Oracle’s acquisition of Sun, citing the latter’s “precarious” financial condition and fears about more layoffs at the struggling computing company, reported AP Technology Writer Jordan Robertson.

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Stockholders’ Meeting Set for December 17th

Sun has publicly released proxy materials for its 2009 Annual Meeting of Stockholders, which is set for December 17, 2009, at 10:00 a.m. (PT) on Sun’s Santa Clara Campus in Calif. If the proposed merger with Oracle is completed prior to this date, Sun will no longer have public stockholders and, therefore, the 2009 Annual Meeting of Stockholders will be canceled. Financial results for Sun’s first quarter fiscal year 2010 are expected to be posted on the company’s Investor Relations page upon the filing of the Company’s Form 10-Q with the Securities and Exchange Commission (SEC), which is due no later than November 6, 2009.

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Approximately 62% Vote to Adopt Agreement

A special meeting of Sun stockholders held on July 16, 2009, to vote on whether to accept Oracle’s proposal to buyout the company has been approved. Sun reports approximately 62% of the shares of outstanding Sun common stock voted to adopt the agreement. Oracle will acquire Sun common stock for $9.50 per share in cash.

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Net Loss, Lower Revenue Expected, Company Reports

Sun projects it will have a net loss of 24 to 34 cents per share for its fourth quarter of fiscal 2009, which ended June 30, 2009. This translates to between 6 and 16 cents a share excluding special nonrecurring items. The company reported these preliminary results two days before a special stockholder meeting (July 16) where members were set to vote on whether to approve Sun’s acquisition by Oracle.

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Special Committee of the Sun Board of Directors to Vote on Merger Agreement with Oracle

Sun stockholders are scheduled to meet on July 16, 2009, to vote on the adoption of the merger agreement between Sun and Oracle. The proposal to adopt the merger agreement must be approved by a majority of the outstanding shares of Sun’s common stock. Back in April, the company’s Board of Directors unanimously approved to sell Sun to Oracle for $9.50 per share in cash for common stock. The value of the deal breaks down to approximately $7.4 billion, or $5.6 billion net of Sun’s cash and debt.

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