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SUNGARD DATA SYSTEMS INC. /Wayne, Pennsylvania Bid That Fell Through? It's Not A Big Deal Here.(THE NEW AMERICA)
Byline: Amy Reeves
Two months ago, SunGard Data Systems Inc. looked like it had a lock on buying the assets of bankrupt Bridge Information Systems Inc.
Bridge agreed to SunGard's offer of $165 million in cash. The deal was supposed to close at the end of May. But then Reuters Group PLC entered the picture, offering more money.
And SunGard did something unusual: It walked away.
"It's not easy to back off," said Cristobal Conde, the company's president and chief operating officer. "You have investment bankers egging you on, and the pressure of your own employees and customers. But we're very proud of our disciplined process. (Bridge) wasn't worth (paying) any price."
SunGard provides data systems to financial services firms. The gear is designed to help clients manage, trade, process and account for financial assets.
It might be surprising to hear talk of discipline from a company that's mademore than 100 buyouts. But SunGard never overextends itself, says ABN AMRO analyst Glen Greene.
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