Oracle’s Mark Hurd: Company has made ‘best and final’ offer for NetSuite

Call it the Showdown at the Oracle Corral.

Mark Hurd, Oracle’s co-chief executive, in effect said,”enough is enough!” with regards to the company making any more changes to its $9.3 billion offer to acquire cloud-software developer NetSuite. Oracle originally reached an agreement to buy NetSuite back in July, and earlier this month extended the deadline for NetSuite shareholders to approve the acquisition to Nov. 4.

But the deal has been caught up in some controversy ever since it was first announced. Oracle Chairman Larry Ellison owns approximately 40 percent of NetSuite, and his close ties to both companies has raised concerns about potential conflicts of business interest. Also, NetSuite shareholders have spoken out against the deal, saying it undervalues the company. Oracle’s offer values NetSuite at $109 a share, and NetSuite shares on Thursday traded at almost $99 a share.

Speaking on CNBC Wednesday, Hurd said Oracle is getting tired of the delays and is ready to walk away from the deal if NetSuite shareholders don’t OK to it in November. Hurd said Oracle has made its “best and final offer” and won’t be adding anything to sweeten the deal.

“We’ll abide by what the shareholders say,” Hurd said. “If the shareholders don’t want to tender their shares, we’ll move on to other things.”

Photo: Oracle headquarters in Redwood City.  (Justin Sullivan/Getty Images)

 

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