SunGard Data’s Stock Soars on Possible Sale
From Associated Press
SunGard Data Systems Inc., a maker of investment support systems for banks, stock exchanges and mutual funds, said it was in talks over a possible sale of the company. The news sent its shares up 25%.
SunGard’s board has authorized its advisors and management to engage in the discussions while proceeding with the spinoff of the firm’s disaster- recovery business, Availability Services, which was announced last fall.
Earlier in the day, the New York Post reported that a consortium led by San Francisco-based Silver Lake Partners was negotiating to purchase Wayne, Pa.-based SunGard for as much as $10 billion.
SunGard shares surged $6.12 to $31.07 on the New York Stock Exchange.
