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Oracle Corporation closes in on US$9.3bn NetSuite Inc takeover

Monday, November 7, 2016 8:21
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(Before It's News)

Oracle Corporation’s (NYSE:ORCL) US$9.3bn move for NetSuite Inc (NYSE:N) is now closer to completion as the deal has passed what is described as a ‘crucial test’ with a sufficient number of shareholders backing the deal.

It has now been confirmed that some 55.76% of the company’s shares are in favour of the transaction, following the completion of share acquisitions through a tender.

Marking the increased certainty of the deal the price of NetSuite shares rose around 20% in pre-market deals, up to the takeover offer price of US$109 per share.

Story by ProactiveInvestors

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