T. Rowe Price Pushes Oracle to Boost NetSuite Bid -- Update
October 28 2016 - 12:35PM
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, 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 advisers of the two boards' Special
Committees reached in their separate fairness opinions."
CNBC reported the T. Rowe letter earlier Friday. Oracle Chief
Executive Mark Hurd had told CNBC on Wednesday that the company's
bid of $109 a share 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.
Write to Jay Greene at Jay.Greene@wsj.com
(END) Dow Jones Newswires
October 28, 2016 12:20 ET (16:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Oracle (NYSE:ORCL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Oracle (NYSE:ORCL)
Historical Stock Chart
From Sep 2023 to Sep 2024