The Board of Directors of Siebel Systems has voted in favour of the transaction, and Tom Siebel has agreed to vote his shares in favour of the acquisition. Siebel stockholders will convene in a special meeting to vote on the acquisition.
As part of the deal, Siebel shareholders will receive $10.66 per share in cash for each Siebel share held, unless they elect to receive Oracle common stock, but no more than 30% of Siebel’s common shares may be exchanged for Oracle common stock.
While the transaction and the timing are subject to regulatory approvals, the deal is expected to close in early 2006. Until it closes, each company will continue to operate independently.