That cash junkie Sun Microsystems Inc is hungry again, but it has nearly exhausted its source of funds under its agreement with AT&T Co, but there are a few shares left to be issued in that kitty, and Sun is raising another $13.7m by selling the final tranche, 491,755 new shares, to the phone company. Under the three-year agreement announced on January 6 1988, Sun was able to sell AT&T shares representing up to 15% of the enlarged equity at a premium of 25% to the ruling price in the market. The agreement allowed AT&T to take its holding to 20% – and no more – by buying additional shares in the market: it has indeed done so and now has 20%.
