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Lotus Development Corp. finally accepteda sweetened, $3.5 billion buyout offer from IBMlate Sunday, turning what would be the software industry's largest hostile takeover into its largest acquisition. "We don't care who pays our salary," one Lotus programmer told the Associated Press. "We just want more people using our software." IBM launched the hostile buyout of Boston-based Lotus last week, then negotiated slightly better terms, offering $3.52 billion, or $64 a share. TIME Boston bureau chief Sam Allis says the deal's biggest surprise lay in IBM's decision to retain Lotus chief executive Jim Manzi. "Everybody figured...

Author: /time Magazine | Title: LOTUS EMBRACES IBM BID | 6/12/1995 | See Source »

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