Most acquisitions get waved through by shareholders with little fuss. But for a few weeks it looked like Oracle’s move on Netsuite might come unglued.
Indeed executives from co-CEO Mark Hurd down avoided any serious mention of the deal during last months Oracle OpenWorld in San Francisco. However word quickly leaked out that the parties were having trouble getting the necessary shareholder buy-in.
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The acquisition was slightly more complicated than most as Oracle Chairman Larry Ellison was a major shareholder in both companies and had to sit out the vote.
Now however the shareholders have had their say and the deal will go through. According to a statement from Oracle on Friday, a majority of the unaffiliated shares of NetSuite were validly tendered and the other conditions to the tender offer have been satisfied.
“The acquisition of NetSuite will be consummated by Oracle on Monday, November 7, 2016. American Stock Transfer & Trust Company LLC, the depositary for the tender offer, has indicated that as of 12:00 Midnight, Eastern time, at the end of November 4, 2016, approximately 21,775,553 unaffiliated Shares, or 53.21% of the total unaffiliated Shares, and 62,330,605 total Shares, or 76.39% of the total Shares issued and outstanding, have been tendered into and not properly withdrawn from the tender offer.”
In a statement confirming the outcome Oracle said both figures do not include 1,037,279 unaffiliated Shares tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase.
“When the 1,037,279 unaffiliated Shares tendered pursuant to the guaranteed delivery procedures are included in the results, approximately 22,812,832 unaffiliated Shares, or 55.76% of the total unaffiliated Shares, and 63,367,884 total Shares, or 77.65% of the total shares issued and outstanding, will have been tendered into and not properly withdrawn from the tender offer. “