Oracle bids $1.3 bn for India's i-flex Solutions | india | Hindustan Times
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Oracle bids $1.3 bn for India's i-flex Solutions

india Updated: Dec 09, 2006 08:55 IST
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Oracle said it had raised its bid for the bulk of Indian banking software firm i-flex Solutions to $1.3 billion 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 per cent to 90 per cent.

The offer was a 42 per cent jump from the Rs 1,475 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 on Friday in a release.

"This is the last opportunity for i-flex shareholders to tender their shares to Oracle," he said.

The open offer will expire on December 23, 2006, according to Oracle.