Oracle makes $1.56 billion bid for Aconex
- 18 December, 2017 09:04
ASX-listed Aconex Ltd said on Monday it had received a $1.56 billion (US$1.19 billion), or A$7.80 in cash per share, buyout offer from Oracle.
Aconex said in a statement its directors had unanimously recommended the offer, which represents a 47.4 percent premium to Friday's closing price of A$5.29.
"With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry," said Mike Sicilia, Oracle senior vice president and general manager for its Construction and Engineering Global Business arm said in a statement.
Shareholders of the cloud solutions provider are scheduled to vote on the offer at a scheme meeting in March next year.
The company, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal's equity value as a break-up fee, under certain conditions which it did not specify.
Credit Suisse is acting as Aconex's financial advisor while Herbert Smith Freehills is acting as its legal advisor.
(Reporting by Aaron Saldanha in Bengaluru, editing by David Evans)