Following three months of uncertainty, Oracle confirmed it would purchase NetSuite with the $9.3 billion acquisition likely to be finalized on Saturday.
The deal was first revealed on July 28, with a deadline for closure late last week. While uncertainty over whether NetSuite’s shareholders would accept the deal had made NetSuite’s stock volatile in recent days, a majority ultimately voted to accept it early on Saturday.
T. Rowe Price Group, NetSuite’s second-largest shareholder, had opposed the deal at that price. Oracle founder Larry Ellison is NetSuite’s largest shareholder.
What does the news mean for those of you who work on NetSuite software? We’ll be exploring that here in the coming weeks.