{"id":54857,"date":"2017-12-18T11:48:58","date_gmt":"2017-12-18T11:48:58","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=54857"},"modified":"2017-12-18T11:49:13","modified_gmt":"2017-12-18T11:49:13","slug":"oracle-corp-buy-australias-aconex-1-19-billion","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/oracle-corp-buy-australias-aconex-1-19-billion.html","title":{"rendered":"Oracle Corp to buy Australia&#8217;s Aconex for $1.19 billion"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Oracle Corp to buy Australia&#8217;s Aconex for $1.19 billion<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Australia\u2019s Aconex Ltd (ACX.AX) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (ORCL.N), sending the target\u2019s share price up 45 percent.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Aconex said in a statement its directors unanimously recommended the offer, with shareholders of the cloud-based project management company scheduled to vote on the bid at a scheme meeting in March next year.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The Australian company specializes in web-based project management software that allows input from different teams. Its technology has been used on global projects including the Panama Canal extension.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">\u201cOracle\u2019s offer of A$7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through the cash offer and limited conditionality,\u201d Aconex Chairman Adam Lewis said in a statement.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Aconex founders Leigh Jasper and Rob Phillpot, who both have holdings of just over 5 percent, declined interview requests on Monday.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The company has experienced massive share price fluctuations since listing in 2014 at A$1.90, and peaking at just above A$8.50 last year.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The share price rose 45 percent immediately after trading resumed on Monday to just below the A$7.80 cash-per-share offer.<\/span><br \/>\n<span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Aconex, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal\u2019s equity value as a break-up fee under certain conditions which it did not specify.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Oracle said in a statement that the transaction was expected to close in the first half of 2018.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The proposed transaction was one of two major U.S.-Australian technology deals unveiled on Monday, with Australian data centre provider Metronode receiving a A$1.04 billion ($791.2 million) bid from U.S. company Equinix Inc(EQIX.O).<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">($1 = 1.3074 Australian dollars)<\/span><\/p>\n<p><span style=\"font-size: 8pt\">Source:-\u00a0https:\/\/www.reuters.com\/article\/us-aconex-limited-m-a-oracle-corp\/oracle-corp-to-buy-australias-aconex-for-1-19-billion-idUSKBN1EB0TL<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/oracle-corp-buy-australias-aconex-1-19-billion.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Oracle Corp to buy Australia&#8217;s Aconex for $1.19 billion Australia\u2019s Aconex Ltd (ACX.AX) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (ORCL.N), sending the target\u2019s share price up 45 percent. Aconex said in a statement [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":54858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[110065],"class_list":["post-54857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-oracle-corp-to-buy-australias-aconex-for-1-19-billion"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/54857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=54857"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/54857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/54858"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=54857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=54857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=54857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}