Oracle makes 1.3-billion-dollar bid for Indian banking software firm

Oracle said it has raised its bid for the bulk of Indian banking software firm iflex Solutions to $1.3b in what was its final offer.

Oracle offered 2,100 rupees per share in an effort to increase its stake in the company by 35 percent to 90 percent.

The offer was a 42 percent jump from the 1,475 ruppees per share previously offered by California-based business software behemoth Oracle.

“There will not be another open offer and Oracle will not undertake a delisting for at least the next five years unless i-flex shares are selling at a significantly lower price than they are today,” Oracle chief executive Larry Ellison said in a release. “This is the last opportunity for i-flex shareholders to tender their shares to Oracle.”
The open offer will expire on December 23, 2006, according to Oracle.
I-flex’s roster of customers includes Citigroup and HSBC. – AFP
Source BRIO S.A
 

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