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Oracle Says NetSuite Acquisition Will Close Monday

November 5, 2016, 2:05 PM UTC
Key Speakers At The Oracle OpenWorld 2015 Conference
Larry Ellison, chairman of Oracle Corp., speaks during the Oracle OpenWorld 2015 conference in San Francisco, California, U.S., on Sunday, Oct. 25, 2015. Oracle OpenWorld gathers industry leaders to provide insight into integrated cloud platform, the future of the enterprise, and the new era of secure computing. Photographer: David Paul Morris/Bloomberg via Getty Images
David Paul Morris/Bloomberg/Getty Images

The Oracle $9.3 billion acquisition of NetSuite will officially close on Monday, Oracle said early Saturday morning. Enough NetSuite shares were tendered in favor of the offer, initially made in July, to make it a go, according to Oracle’s statement.

This is despite a challenge lodged by T. Rowe Price, a large NetSuite shareholder, in September. The institutional investor balked at the proposed $109 per share price, saying NetSuite should seek additional offers.

T. Rowe Price was troubled by the fact that Oracle (ORCL) executive chairman and co-founder Larry Ellison owns a big stake in NetSuite (N). NetSuite’s chief executive Zach Nelson and its founder, chairman and chief technology officer Evan Goldberg are both former Ellison lieutenants at Oracle (ORCL).

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Oracle, a leader in database and financial software sold to big businesses, said it would hold fast on the price but extended the deadline until November 4.

The database giant made its long-rumored offer to buy NetSuite in July.

NetSuite sells what is called enterprise resource planning (ERP) software that businesses use to track inventory and manufacturing processes and perform accounting tasks. It, along with Salesforce (CRM) (founded by another Oracle alum in Marc Benioff) helped pioneer the “software-as-a-service” market where the software is run and maintained in the software provider’s data centers. NetSuite also competes with SAP (SAP) and Microsoft (MSFT)

NetSuite could help Oracle capture more business in smaller companies and compete better with upstart SaaS companies