Judge delays SunGard Comdisco acquisition - Bloomberg

Judge delays SunGard Comdisco acquisition - Bloomberg

Bloomberg reports that a bankruptcy judge has delayed approval of SunGard Data Systems plans to buy Comdisco's computer disaster-recovery business for $825 million.

US Bankruptcy Judge Ronald Barliant in Chicago decided to delay the hearing to approve the sale until 7 November after antitrust officials challenged the proposed purchase in a lawsuit filed in federal court in Washington, says the newswire.

Bloomberg additionally reports that attorneys for a committee representing Comdisco unsecured creditors have withdrawn their support for SunGard's offer, citing the Justice Department's lawsuit.

They have instead thrown their weight behind a revised offer from Hewlett-Packard for $750 million.

SunGard has vowed to defend itself against the Justice Department's complaints, which it claims are "ill-advised and baseless". The firm says a committee of Comdisco's major shareholders continues to support its bid.

Comments: (0)