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Oracle boosts control of India firm for $125 million

by editor2
August 14th, 2006

I-flex will issue about 4.45 million equity shares to Oracle Corporation under a preferential allotment. The transaction will lift the database and business-software giant’s stake in the Indian firm to 55.1% from 52.5%.

Additionally, Redwood Shores, Calif.-based Oracle said it would make a mandatory open offer to buy up to another 20% of i-flex’s outstanding shares, as required under Indian law.
Chart of ORCL
The deal with Oracle will help Mumbai-based i-flex to finance its own $122.6 million acquisition of Mantas Inc., a Herndon, Va., provider of software and services that help financial companies combat money laundering and meet regulatory requirements.
A special meeting of i-flex shareholders will be held on Sept. 12 to approve the preferential allotment of shares of Oracle.
In midday trading, Oracle’s stock gained 47 cents, or 3.1%, to $15.46. The latest gains added to the stock’s 23% increase so far in 2006. End of Story

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