Oracle has extended its tender offer for NetSuite for another month after low initial take-up. Under the terms of the offer, Oracle must acquire a majority of NetSuite's shares not owned by the Oracle CEO Larry Ellison or his affiliates. At the initial expiry 06 October, the company had received only 11.2 percent of the unaffiliated shares. The offer was subsequently extend to 04 November.
The low take-up may be due to shareholder opposition over the price offered for NetSuite, which some say has been set too low because Ellison already owns a significant stake in the company. Oracle said in a statement that this would be the last extension of the offer, and if not enough shares are tendered, "Oracle will respect the will of NetSuite’s unaffiliated shareholders and terminate its proposed acquisition".
