Fergie's Tech Blog

Portal Shareholders Withhold Support for Oracle Deal

Chris O'Brien writes in The Mercury News:

Oracle's multibillion-dollar shopping spree ran into unexpected trouble this week when shareholders of its latest acquisition target, Portal Software, withheld their support for the deal.

The $220 million that Oracle offered in April for Portal, a Cupertino-based communications software company, made the deal a relatively minor one for the Redwood City software giant that has spent billions snapping up competitors over the past few years.

But on Tuesday, Oracle said it received only 52 percent of Portal's shares under its offer -- well short of the 90 percent Oracle needs to quickly close the deal. Now the purchase is in limbo and, at the very least, delayed.

posted by Fergie @ 5/24/2006 09:07:00 AM