IBM has reportedly withdrawn its offer to buy Sun Microsystems. Having lowered its offer on Friday, when insiders were confident of an imminent announcement, the IT giant withdrew the offer on Sunday afternoon.
Sources say Sun wasn't happy with the price or conditions of sale.
The withdrawal of the offer doesn't necessarily mean the negotiations are closed, although both companies are still close-mouthed on what happened over the weekend and what could happen next.
It would appear that IBM was worried about the payouts Sun executives would receive in the buyout, according to a report in the New York Times.
Apparently, this led it to reduce its $10.00 offer to $9,55 on Friday and then $9,40 over the weekend, before withdrawing it completely on Sunday.