Oracle announced on November 7th that it had completed the acquisition of NetSuite for $9.3 billion dollars.
Enough NetSuite shares were tendered in favor of the offer, initially made in July, to complete the sale despite a challenge lodged by T. Rowe Price, one of the largest NetSuite shareholders, in September. The institutional investor balked at the proposed $109 per share price, saying NetSuite should seek additional offers and/or a higher price from Oracle.
T. Rowe Price was troubled by the fact that Oracle’s executive chairman and co-founder Larry Ellison owns a big stake in NetSuite, plus NetSuite’s chief executive Zach Nelson and its founder, chairman and chief technology officer Evan Goldberg are both former Ellison lieutenants at Oracle.
NetSuite is the world’s number one cloud ERP solution and Oracle hopes that the acquisition will help its cloud and SMB division to grow further.
B2BGateway is NetSuite’s longest serving EDI partner and a ‘Built for NetSuite’ solution.
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