A PYMNTS Company

US: Oracle threatens to end NetSuite $9.3 billion deal

By  |  October 9, 2016

Oracle 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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The Redwood City tech giant extended its tender offer — first made in July and extended to October — for the San Mateo-based cloud company to Nov. 4, in what it says is its final offer.

    “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,” Oracle said in a news release Friday.

    NetSuite’s second-largest shareholder, T. Rowe Price, last month said it would oppose Oracle’s bid, which it sees as undervaluing NetSuite. The institutional investor also brought up a conflict-of-interest issue, saying that since Oracle Chairman Larry Ellison is the biggest shareholder of NetSuite, other suitors probably would not want to come forward.

    Full Content: The Wall Street Journal

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.