- Australian company Aconex (OTC:ACNXF) announces receiving a $1.19B buyout offer from Oracle (NYSE:ORCL).
- Oracle’s all-cash offer is for about $5.97 per share, a 47% premium over Aconex’s closing price on Friday.
- Aconex creates cloud-based construction team management software used by companies around the world including the Panama Canal extension.
- Aconex directors unanimously approved the offer, but shareholders still need to vote during a meeting in March.
- Oracle expects the transaction to close in 1H18.
- Oracle shares are up 0.62% premarket.