oracle-increases-bid-for-indias-iflex-to-134-billion

Oracle increases bid for India's i-flex to $1.34 billion

Oracle raises its offer to shareholders in its Indian subsidiary, i-flex Solutions, and aims to take its shareholding to 90%.

By Sameera Anand

December 10, 2006

Oracle has increased the offer for its Indian subsidiary, i-flex Solutions, to Rs2,100 $47.14 per share representing a 42% premium to the Rs1,475 which was offered earlier.

Oracle is now tendering for 35% of the outstanding shares, compared to 20% earlier, which will take its shareholding in i-flex, assuming it is successful, to 90%. This is the maximum Oracle can hold of i-flex while still retaining its publicly traded status. Assuming shareholders tender shares up to the maximum offer, Oracle will pay a total of Rs59.6 billion $1.34 billion for the stake.

Analysts in India commented on Friday that the pricing reflected both the bullish Indian stock market and OracleÆs interest in i-flex. When Oracle...

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