Oracle closes Portal Software acquisition

Oracle Corporation announced yesterday that it has completed its acquisition of Portal Software and is "moving ahead quickly" with the integration of the two companies.

The database giant's offer to purchase all outstanding shares of Portal expired at 8pm New York City time on 30 June.

Including those shares tendered in the initial offering period, Oracle reported that it has acquired over 38 million shares, or more than 88 per cent of Portal's outstanding stock.

"The merger will occur today, Monday 3 July. All remaining outstanding Portal shares, other than those held by stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive US$4.90 per share in cash," said Oracle.

Following the merger, Portal will become a wholly-owned subsidiary of Oracle.

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