Saturday, April 30, 2005

WSJ.com - Sun Executive Disputes Report of Buyout Plans

WSJ.com - Sun Executive Disputes Report of Buyout Plans: "Business Week's Inside Wall Street column, citing a unnamed hedge-fund manager, said the company was considering an LBO with Silver Lake Partners, with a potential price of $5 to $5.50 a share. The report sent Sun's shares up 16% in morning trading on the Nasdaq Stock Market. At 4 p.m. Friday, shares were up 18 cents, or 5.2%, to $3.62.
Mr. Schwartz suggested that the magazine had been manipulated by a source hoping to drive up the stock and earn some quick profits. He expressed satisfaction with Sun's current role as a public company.
'We are a little more interested in playing a more proactive role in the industry, and not participating in the theater of a hedge fund manager,' Mr. Schwartz said. He called the column an 'editorial lapse.'"
Post a Comment