Cloud Computing: Oracle seals $9.3 bn NetSuite acquisition

Grazed from ChinaPost. Author: Editorial Staff.

US software giant Oracle said Saturday that it has sealed its $9.3 billion acquisition of cloud computing company NetSuite. Oracle said that a majority of shares -- 53 percent -- owned by eligible stockholders in the vote had been tendered. The acquisition is to be completed Monday, the company said in a statement.

The takeover agreement was announced in late July at a price of $109 per share, but it attracted criticism because Oracle executive chairman Larry Ellison and his family own a major stake in NetSuite of nearly 40 percent. Under conditions of the deal, the transaction had to be approved by a majority of small, independent NetSuite shareholders, which excluded Ellison...

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