Sun schedules stockholder vote on oracle acquisition

Sun Microsystems shareholders will have their say July 16 on whether Oracle will acquire the computer maker for US$7.4 billion.

Monday Sun said that its board of directors had scheduled a special stockholder meeting for a vote on the merger agreement for 10 a.m., PST, July 16 at Sun's main auditorium at its Santa Clara, Calif., campus.

The deal requires approval from a simple majority of the shareholders, Sun said. The Sun board has already given its approval. At the time the deal was announced in April, Oracle said it hoped to complete the acquisition during the summer.

The acquisition has been neither approved, nor disapproved by the Securities and Exchange Commission or by any state regulatory agencies, according to a note sent to shareholders along with the proxy statement for the vote.

See original article on CRN.com