Sun shareholders ok Oracle merger

 Sun Microsystems’ shareholders voted on Thursday to approve the company’s acquisition by Oracle, but not by a wide margin.

Shareholders holding about 62 per cent of Sun’s stock voted in favor of the deal at a special meeting at Sun’s offices in Santa Clara, California, said Sun spokesman Dana Lengkeek. A majority of shares was required to move the deal forward.

More from ITWorld Canada – What Oracle-Sun means for Java, open source and RIAs

Oracle has said it expects to close the deal this summer. It still needs clearance from regulators in the U.S. and Europe, although most observers expect the deal to pass unchallenged.

The deal was earlier delayed by Java licensing probe ordered by the U.S. Department of justice.

Oracle announced in April that it planned to acquire Sun for $9.50 per share, or about $7.4 billion in cash. Sun had been struggling to grow its business and maintain a profit for years, and the recession took a heavier toll on the company than on most of its large competitors.

Earlier this week Sun said its second-quarter sales were likely to fall by almost a third compared to the same quarter last year, to about $2.6 billion. Oracle said it expects the deal will add to its earnings in the first full year after closing.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now