SunGard bids for Comdisco's computer services unit

Financial services company SunGard Data Systems said it has offered US$775 million for bankrupt Comdisco's computer services unit. Hewlett-Packard had previously bid $610 million for the technology unit.

In addition, Wayne, Pa.-based SunGard said in a statement that it has filed an objection to the bidding procedures proposed by Comdisco and HP that are pending in the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago.

According to SunGard's statement, the main reason for the objection was to "make the bidding procedures fairer to SunGard and other potential bidders." Neither SunGard nor HP could be reached for comment for clarification.

Comdisco spokeswoman Mary Moster said she couldn't comment on another company's objections.

Last month, the Rosemont, Ill.-based disaster-recovery and IT leasing company said its parent company and 50 domestic U.S. subsidiaries were filing for bankruptcy and were cutting more than 200 positions, mostly at the corporate level. At the time, Comdisco 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 said 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 this 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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