Oracle Corp. (NYSE: ORCL) said that an initial tender offer, through its wholly owned subsidiary, Rocket Acquisition Corp., for all outstanding shares of common stock of Micros Systems, Inc. (NASDAQ: MCRS) expired at midnight (New York City time) at the end of September 2, 2014.
The depositary for the tender offer has advised Oracle that, as of the expiration of the initial tender offer period, approximately 62,093,103 shares of Micros common stock (including approximately 2,096,274 shares subject to guaranteed delivery procedures) were tendered, representing approximately 82.8 percent of the Micros shares outstanding. All properly tendered shares have been accepted for payment, which will be made in accordance with the terms of the tender offer.
Oracle also said that Rocket Acquisition has commenced a subsequent offering period to acquire all the remaining Micros shares outstanding, which expires at midnight, New York City time, at the end of Friday, September 5, 2014, unless extended.
Following the expiration of the subsequent offering period, Oracle will complete the acquisition of Micros through a merger, pursuant to the terms of the merger agreement. In the merger, each of the remaining shares of Micros common stock will be converted into the right to receive USD68.00 per share, in cash, without interest and less any required withholding taxes, which is the same amount per share which was paid in the tender offer. Following the merger, Micros will become a wholly-owned subsidiary of Oracle, and Micros common stock will no longer be listed on NASDAQ.
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