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IBM Extends Shopping Spree
The consolidation in the security software market raged Wednesday with news that IBM (IBM Quote) is buying Internet Security Systems (ISSX Quote) for $1.3 billion in cash.
At $28 a share, the price represents an 8% premium for ISS shareholders as of Tuesday's closing price. ISS investors cheered the news, and the stock popped 6.4%, adding $1.65 to $27.65. The company saw a healthy run on its stock last month on speculation that IBM was eyeing ISS.
IBM shares barely moved, dipping 25 cents to $78.70 as the broader market turned lower. ...
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