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US: Oracle sees a $12.1bn buyout deal of NetSuite closing Monday

By  |  November 6, 2016

The software giant Oracle said that its proposed $9.3 billion acquisition of the cloud storage company NetSuite will move forward after more than half of eligible NetSuite shareholders backed the bid.

Oracle said in a statement on Saturday that holders of 53 percent of unaffiliated NetSuite shares agreed to tender their shares by the deadline of Friday. The deal will be completed on Monday, Oracle said.

Oracle offered to buy NetSuite in July for $109 a share in response to challenges from rival enterprise software companies like Workday and Salesforce.com that have popular cloud-based software products.

The investment manager T. Rowe Price, NetSuite’s second-largest shareholder after Oracle’s chief executive, Lawrence J. Ellison, had objected that Oracle’s offer was too low and said it would not tender its shares. T. Rowe sent a letter last week to Oracle suggesting that thecompany raise its offer to $133 per share.

As of July, T. Rowe owned 12.2 million NetSuite shares.

Full Content: Fortune

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