Oracle's $1.6 billion Aconex acquisition gets approval from shareholders

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Oracle's $1.6 billion Aconex acquisition gets approval from shareholders

Aconex shareholders have overwhelmingly voted to approve the $1.6 billion takeover offer from Oracle, moving the proposed acquisition another step further.

The Melbourne-headquartered cloud construction collaboration and solution provider held a shareholder meeting to approve the offer on Wednesday, with 96.22 percent of shareholders voting in favour.

The acquisition is still subject to approval by the Supreme Court of Victoria, which is scheduled to be heard on Thursday. If approved, the scheme will be implemented on 29 March.

Aconex revealed the acquisition bid in December 2017, with Oracle offering to buy 100 percent of the company's shares for $7.80 each, representing a 47 percent premium on its closing price of $5.29 earlier that month.

Aconex chairman Adam Lewis said at the time that the offer represented a significant premium and high degree of certainty of value to shareholders, with the board unanimously recommending shareholders approve.

“The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography,” Aconex chief executive Leigh Jasper said at the time.

“As co-founders of Aconex, both Rob Phillpot and I remain committed to the business and are excited about the opportunity to advance our collective vision on a larger scale, and the benefits this combination will deliver to our customers.”

Oracle's general manager for construction and engineering global business unit Mike Sicilia said: “Delivering projects on time and on budget are the highest strategic imperatives for any engineering and construction organisation. 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.”

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