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Article: SunGard Buyout Raises the Bar.
- Article from:
- Investment Dealers' Digest
- Article date:
- January 16, 2006
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It was only two days before SunGard Data Systems, the financial services technology company, was scheduled to announce its planned leveraged buyout when Carlyle and Thomas H. Lee, two of the seven private equity firms involved, decided they were unwilling to pay the agreed price of $36 per share and dropped out of the deal. It was March 22, 2005, and the largest-ever technology buyout, which had been some five months in the making, was about to fall apart. But Glenn Hutchins, a founder of Silver Lake Partners and the prime mover on the deal, was unwilling let the prize slip through his fingers: He asked the SunGard board of directors to let him find two other firms to take ...