Oracle gets low response for i-flex open offer
Enterprise software leader Oracle has received a low response to its open offer for 2.83 crore shares of banking software firm i-flex Solutions as some shareholders have not tendered their shares to the global firm.
The acquirer Oracle Global (Mauritius)and Oracle Corporation would, however, acquire all the validly tendered equity shares in full by the shareholders of i-flex, according to a filing to the Bombay Stock Exchange by i-flex Solutions.
DSP Merrill Lynch, the manager to the offer, on behalf of Oracle Global (Mauritius) Ltd said that the open offer closed on December 23 and as per the information available with the registrar, the response to the offer was less than the revised offer size of 2.83 crore fully paid-up equity shares of I-flex.
Oracle, however, reserves the right to reject in full, those applications which are incomplete or provide inaccurate information, it said.
Earlier this month, Oracle had made a final offer of Rs 2,100 per share to the shareholders for increasing its stake to 90 per cent in the domestic company.
In August 2005, Oracle had acquired 41 per cent stake in i-flex from Citigroup Venture Capital International at Rs 800 a share and launched an open offer to buy an additional 20 per cent at Rs 882.62 per share.
Seeking to up its stake to 90 per cent, the company launched a revised open offer for shareholders to tender their shares at Rs 1,475 per share, which was later revised to Rs 2,100 a share (including interest).
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