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SunGard bids for Comdisco assets

Financial services company SunGard Data Systems has offered $775m (£543m) for the computer services unit of recently bankrupt...

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Financial services company SunGard Data Systems has offered $775m (£543m) for the computer services unit of recently bankrupt Comdisco. Hewlett-Packard had previously bid $610m for the technology unit.

In addition, SunGard announced that it has filed an objection to the bidding procedures proposed by Comdisco and HP, which are pending in the US Bankruptcy Court for the Northern District of Illinois.

According to SunGard's statement, the main reason for the objection was to "make the bidding procedures fairer to SunGard and other potential bidders".

Last month, Comdisco said its parent company and 50 domestic US subsidiaries were filing for bankruptcy and were cutting more than 200 positions, mostly at the corporate level. At the time, the disaster-recovery and IT leasing company also said it was selling its technology services business unit to HP.

Comdisco said, however, that the sale would depend on whether there were "higher or otherwise better" offers.

Moster explained that as part of bankruptcy proceedings, the court is required to hold an auction of Comdisco's assets. She said that the court, in conjunction with the creditors' committee and the company filing bankruptcy, makes a determination as to the "higher or otherwise better" offer.

Earlier in the week, HP announced that the antitrust waiting period for its offer to Comdisco had expired and that now the deal is subject only to bankruptcy-court sale processes and approvals.

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