Oracle To Close Acquisition Of Portal Software Today
REDWOOD SHORES, Calif., 03-JUL-2006 Oracle Corporation (NASDAQ: ORCL) today announced that it will complete its acquisition of Portal Software, Inc. (OTC BB: PRSF.PK) immediately and is moving ahead quickly with the integration of the two companies. Oracle’s subsequent offering period under its tender offer to purchase all of the outstanding shares of Portal expired at 8 p.m. New York City time on June 30, 2006. Including those shares tendered in the initial offering period, Oracle has acquired over 38 million shares or more than 88 percent of Portal’s outstanding stock. Oracle has accepted for payment all shares tendered in the offer. The merger will occur today, Monday, July 3. All remaining outstanding Portal shares, other than those held by stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $4.90 per share in cash. Following the merger, Portal will be a wholly-owned subsidiary of Oracle.
Filed under: Oracle
