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Oracle clinches NetSuite buyout despite efforts by NetSuite investor T. Rowe Price to block the deal.
November 5, 2016
NetSuite shareholders endorsed Oracle's acquisition bid, clearing the way for the $9 billion acquisition to conclude Monday, despite earlier efforts by a big investor to block the transaction.
Investors voting on 53% of NetSuite shares approved the bid, Oracle Corp. (Nasdaq: ORCL) said Saturday in a statement. T. Rowe Price, which recently held about 18% of the stock, publicly opposed the $109 per share offer, holding out for $133 per share. (See $9.3B Oracle-NetSuite Merger in Jeopardy.)
Oracle Chairman Larry Ellison was an early investor in NetSuite, and owned about 40% of outstanding shares just before Oracle announced the acquisition in July.
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NetSuite provides a cloud suite of software for managing business operations and customer relations. The acquisition will boost Oracle's transition from on-premises to cloud, competing with the likes of Microsoft Corp. (Nasdaq: MSFT) and Salesforce.com Inc. (See Oracle Acquires NetSuite for $9.3B to Boost Cloud Apps.)
NetSuite and Oracle have historically had close ties. In addition to the Ellison connection, NetSuite CEO Zach Nelson previously worked for Ellison heading marketing, and NetSuite Chairman/CTO Evan Goldberg and other top management previously worked at Oracle.
— Mitch Wagner, , Editor, Light Reading Enterprise Cloud
Executive Editor, Light Reading
San Diego-based Mitch Wagner is many things. As well as being "our guy" on the West Coast (of the US, not Scotland, or anywhere else with indifferent meteorological conditions), he's a husband (to his wife), dissatisfied Democrat, American (so he could be President some day), nonobservant Jew, and science fiction fan. Not necessarily in that order.
He's also one half of a special duo, along with Minnie, who is the co-habitor of the West Coast Bureau and Light Reading's primary chewer of sticks, though she is not the only one on the team who regularly munches on bark.
Wagner, whose previous positions include Editor-in-Chief at Internet Evolution and Executive Editor at InformationWeek, will be responsible for tracking and reporting on developments in Silicon Valley and other US West Coast hotspots of communications technology innovation.
Beats: Software-defined networking (SDN), network functions virtualization (NFV), IP networking, and colored foods (such as 'green rice').
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