In the event that a majority of NetSuite's unaffiliated shareholders do not tender sufficient shares to reach the minimum tender condition, Oracle will respect the will of NetSuite's unaffiliated shareholders and terminate its proposed acquisition," Oracle said in a press release. Oracle has offered $109 per share in cash for the cloud software company, about $9.3 billion. It must have more than 50 percent of shares tendered by owners unaffiliated with the company and at the end of the original deadline had only received 11.2 percent. Early in September, T. Rowe Price said it would not tender its 14.5 million shares. And since Oracle needs to get 20,403,928 of the unaffiliated shares, the investment company's opposition is a big deal
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ORACLE NETSUITE OFFER STALLS Featured
Oracle has extended its tender offer to purchase NetSuite. The offer was originally scheduled to expire on October but the date has been pushed to November. This deal hit a roadblock when T. Rowe Price said it would not tender its shares. And in its announcement of the extension, Oracle made it clear the new deal is make-or-break."
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