US software giant Oracle Corp on Saturday said that it has sealed its US$9.3 billion acquisition of cloud-computing company NetSuite Inc.
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 today, the company said in a statement.
The takeover agreement was announced in late July at a price of US$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.
T Rowe Price Group Inc, which recently held about 18 percent of NetSuite shares, publicly pushed back against Oracle’s offer of US$109 per share, saying US$133 would be a fairer price.
Late last month, Oracle co-CEO Mark Hurd said it was the “best and final” offer.
He also said the company was willing to walk away and move on to other things.
The deal allows Oracle to incorporate NetSuite’s cloud-based financial management and resource planning products, strengthening its tools in the cloud. It will help Oracle better compete with rivals such as Salesforce.com Inc and Microsoft Corp.
For the fiscal first quarter ended on Aug. 31, Oracle reported total revenue of US$8.6 billion, up 2 percent from a year ago.
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