T. Rowe Price Pushes Oracle to Boost NetSuite Bid
October 28 2016 - 10:57AM
Dow Jones News
By Jay Greene
T. Rowe Price Group Inc., which has stood in the way of Oracle
Corp.'s $9.3 billion acquisition of NetSuite Inc., said it would
tender its shares in favor of the deal if Oracle sweetens the offer
by $2 billion.
In a letter to a special committee of Oracle's board sent late
Thursday, T. Rowe Vice President Robert Sharps said that the
investment firm would support a deal at $133 a share, up from the
$109 a share that Oracle has proposed. T. Rowe said it came to that
price based on "the range of conclusions that the financial
advisors of the two boards' Special Committees reached in their
separate fairness opinions."
Oracle Chief Executive Mark Hurd told CNBC on Wednesday that the
company's $109 bid is its "best and final offer."
Last month, T. Rowe, NetSuite's largest independent investor,
notified the cloud-software provider that it would oppose the deal,
citing conflicts of interest in the deal among its concerns. That
led Oracle, earlier this month, to extend its tender offer by a
month after having received only about a quarter of the shares
necessary from NetSuite's stockholders. That tender offer expires
Nov. 4.
Write to Jay Greene at Jay.Greene@wsj.com
(END) Dow Jones Newswires
October 28, 2016 10:42 ET (14:42 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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