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Oracle pays $1.2B for construction team management company

Dec. 18, 2017 7:31 AM ETAconex Ltd. (ACNXF) StockORCL, ACNXFBy: Brandy Betz, SA News Editor3 Comments
  • 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.       

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