Hit #50
Sun is buying Seebeyond (SBYN) for $387 million in an all-cash deal valuing Seebeyond shares at $4.25/share. This is a 62% premium over my average price per share of $2.63.
While Sun is not overpaying, this buy is intriguing coming just after the recent StorageTek buy. Someone like Oracle may have better use for Seebeyond! In fact, there seems to be an expectation of a counter offer - the stock closed at $4.29, above the offer-price.
Will Oracle outbid Sun ? Tomorrow, during the earnings call ?
I had traded Seebeyond shares earlier in much larger quantities for a good gain. I decided to retain a few for the eventual buyout, which by the way happened at a price that is much lower than the peak of the last 3 years.
Previous hit - Net2Phone (#49)
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