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RACK to Acquire SGIC
Rackable Systems (RACK $3.99, Zacks recommendation: Hold, target price $4.50) has announced that it will acquire Silicon Graphics (SGIC) for about $25 million, plus the assumption of certain liabilities (amount not disclosed).
RACK will also suspend (but not eliminate) its current stock buy-back.
SGIC was a well known maker of advanced graphics workstations and associated software. Although the technology used in the current server market is advanced versions of the standard Intel (x86) architecture, SGIC has intellectual property that spans several areas of computing and storage as well as a worldwide service organization. This may be of value to RACK as it competes with other server companies such as IBM, HP and Sun.
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| Market Summary | Feb 09, 2010 21:16 pm ET |
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