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US: Oracle extends deadline for $9.3 billion NetSuite deal

By  |  October 10, 2016

Shareholder concerns that offer undervalues cloud-computing firm threaten to derail bid.

Oracle Corp. is extending the deadline to complete its $9.3 billion deal to buy NetSuite Inc. by one more month, after having received only about a quarter of the shares necessary from the cloud-computing pioneer’s stockholders.

Oracle — which wants to buy NetSuite to extend its cloud-software offerings, a market segment where Oracle widely has been perceived as a laggard and is racing to add new services — said the Nov. 4 deadline would be the final extension.

“In the event that a majority of NetSuite’s unaffiliated shareholders do not tender sufficient shares to reach the minimum tender condition, Oracle will respect the will of NetSuite’s unaffiliated shareholders and terminate its proposed acquisition,” the company said in a news release.

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