Submission + - Scott McNealy to Launch bid to take Sun private! (i-newswire.com)
jschmitz writes: "Scott McNealy announced that he has resigned as Chairman of the Board of Sun Microsystems ( NASDAQ: JAVA ) to link with an investor group to launch a counter-bid for the company.
McNealy commented: "The terms IBM is offering are far below the intrinsic value of the company. IBM is trying to swoop in during a bad economic time and buy Sun assets and revenues with no regard to developing real value for Sun shareholders."
The exact composition of the investor syndicate has not been announced but it does include Carl Icahn. Icahn is said to be prepared to use the same approach he employed with BEA Systems, another technology infrastructure company he successfully put into play. Eventually BEA went into the maw of Oracle."