Oracle said in a statement that 53 percent, or 21.78 million unaffiliated NetSuite shares agreed to tender their shares by a Friday deadline, the deal will be completed the following Monday, the company said.
Oracle made its offer to buy NetSuite in July for $109 a share to respond to challenges from rival enterprise software companies such as Workday and Salesforce.com that have popular cloud-based software products. Investment manager T. Rowe Price, NetSuite’s second-largest shareholder behind Oracle co-founder Larry Ellison, objected the offer was too low and said it would not tender its shares. T. Rowe sent a letter to Oracle last week suggesting the company up its offer to $133 per share.
An Oracle executive had said the offer was final. The decision came from shareholders other than Oracle Chairman Larry Ellison and related parties who hold about 45 percent of NetSuite, along with executive officers and directors.
As of July, T. Rowe controls 12.2 million NetSuite shares.
According to terms of the Oracle agreement, a majority of NetSuite’s 40.8 million unaffiliated shares, or shares not tied to Ellison and other insiders, had to be tendered to complete the deal.
The price of NetSuite stock fell to less than $90 earlier earlier this week, before rebounding to close at $90.34 on Friday. The deal probability was 38 percent at Friday’s close.
