Shareholders tendered 32 million shares, approximately 74% of the outstanding stock, by the deadline on June 20. Oracle needed 25 million shares to complete the deal but as of the previous deadline of June 6 only 23.2 million had been tendered. The original deadline was May 22. Despite the delays Oracle did not raise its offer price which was an all-cash bid of $4.90 per share, or $220m.
A subsequent offering period for the remaining shares of the Cupertino, California-based company will run until June 30. Shareholders who tender shares during this period will be paid $4.90 per share.
The Portal operation will form a dedicated business unit within Oracle serving the communications market and selling billing and revenue-management software as standalone applications or as part of a suite. The unit will be headed by Bhaskar Gorti, the current SVP of worldwide sales, service, and marketing at Portal.
