Oracle’s acquisition of NetSuite has moved a step closer after the company announced that more than half of cloud-computing company’s eligible shareholders have backed the $9.3bn deal.
The deal secured approval from 53.21%, or 21.78 million shares, of NetSuite stockholders that were eligible to endorse the bid.
Oracle said the tendered shares do not include over 1 million separate shares tendered pursuant to the guaranteed delivery procedures set forth in the offer to acquire.
Oracle agreed to acquire NetSuite on 28 July 2016 in a transaction valued at $109.00 per share in cash.
The deal, however, was opposed by the T. Rowe
Price Group, which owns 14.5 million shares in NetSuite. Rowe Price said that the offer price was too low and asked Oracle to increase it to $133 per share.
Oracle chief executive Mark Hurd had said that $109-a-share offer would be its best and final offer.
The tender was originally set to close on 15 September, but Oracle extended the deadline to 6 October to facilitate the completion of outstanding antitrust reviews.
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Netsuite, which was formed in 1998, describes itself as the first cloud company.
It offers cloud-based business management software and helps companies manage core business processes with a single, fully integrated system covering enterprise resource planning /financials, CRM, ecommerce, inventory and more.
The company’s revenue for Q3 surged to $243.9m, a 26% increase over the same period last year.
Oracle expects the Netsuite acquisition to be immediately accretive to its earnings on a non-GAAP basis in the first full fiscal year upon closing.
