Boston, MA 06/24/2014 (wallstreetpr) – Oracle Corporation (NYSE:ORCL) on June 23, 2014 announced that it has signed the definitive agreement for the acquisition of MICROS Systems, Inc. (NASDAQ:MCRS). The deal is settled in the $68.00 per share in cash transaction. This means that the approximate value of the deal is $5.3 billion, or $4.6 billion net of MICROS’ cash.
Major Points of the Transaction
The MICROS’ Board of Directors gave their approval to the transaction unanimously. The transaction would close in the second half of 2014. The acquisition deal is subject to the condition of MICROS Systems, Inc. (NASDAQ:MCRS) stockholders tendering a major portion of outstanding shares of the company as well as shares representing the vested equity incentive awards in their tender offer. Also, the deal will be finalized after customary closing conditions as well as a few regulatory approvals.
Oracle gets access to expand its offerings
With the acquisition of MICROS Systems, Inc. (NASDAQ:MCRS), Oracle will now be able to offer an almost all-inclusive range of services such as big data, the Internet of things, social, mobile and cloud. The company said that the addition allows Oracle to combine the industry-specific applications of MICROS with the business applications, cloud portfolio as well as technologies of Oracle.
Statement from the President of Oracle, Mark Hurd
The President of Oracle Corporation (NYSE:ORCL), Mark Hurd said that Oracle has helped its customers across the different industries to help them transform the businesses. He added that the company anticipates delivering compelling advantages to all these businesses in Retail and Hospitality industries after the acquisition of MICROS.
Statement from the President and CEO of MICROS
The President and CEO of MICROS, Peter Altabef said that by combining the company with Oracle Corporation (NYSE:ORCL), it will help in acceleration of the ability of customers to innovate as well as differentiate the businesses through Oracle’s scale, cloud solutions as well as technologies.
