SunGard in talks for possible sale
Monday, March 21st 2005, 9:58 am
By: News On 6
NEW YORK (AP) _ SunGard Data Systems Incorporated, a maker of investment support systems for banks, stock exchanges and mutual funds, says it's in talks over a possible sale of the entire company.
Its shares surged more than 24 percent in early trading.
SunGard's board has authorized its advisers and management to engage in these discussions, while at the same time proceeding with the planned spin-off of the company's Availability Services business, which was announced last fall.
Earlier Monday, the New York Post reported that a consortium led by San Francisco-based Silver Lake Partners was negotiating to purchase Wayne, Pennsylvania-based SunGard for up to ten (b) billion dollars.