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Sun shares surge on ‘joke’ that firm will go private

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Sun shares surge on 'joke' that firm will go private

Shares of Sun Microsystems shot up more than 10 percent Friday and then held some of the gains on speculation that management is looking to take the company private. CEO Scott McNealy told one organ that such rumors were much closer to fiction than truth.

In a gossip column, BusinessWeek cited a “hedge-fund manager close to McNealy” as saying that Sun was hoping to work with Silver Lake Partners to push Sun private with the aim of reemerging one day as a leaner, meaner public company. The rag cited an LBO (leveraged buyout) offer of $5 to $5.50 a share for Sun.

Read the complete story. (The Register)