Oracle Assumes Ownership of Hyperion
Oracle today announced that Hyperion Solutions Corporation (Nasdaq: HYSL) shareholders tendered approximately 55.4 million shares (including shares tendered pursuant to guaranteed delivery procedures), representing approximately 91.7% of the shares outstanding. Pursuant to the terms of Oracle’s tender offer for all of the outstanding common stock of Hyperion which expired at 5:00 p.m., New York City time, on Friday, April 13, 2007, all shares that were validly tendered and not withdrawn have been accepted for payment.
Oracle will designate six representatives to serve on Hyperion’s board of directors, giving Oracle majority board representation. Two of the current Hyperion board members will remain on the Hyperion board until the merger between the companies is completed.
Oracle has also commenced a three business day subsequent offering period for all remaining Hyperion shares. During the subsequent offering period, Hyperion shares will be accepted for payment as they are tendered at the same offer price paid during the initial offer period of $52.00 per share in cash. The subsequent offering period will expire at 5:00 p.m., New York City time, on Wednesday, April 18, 2007.
After the expiration of the subsequent offering period, Oracle will acquire all of the remaining outstanding shares of Hyperion by means of a merger under Delaware law. All remaining outstanding Hyperion shares will be cancelled and converted into the right to receive $52.00 per share, net to the seller in cash without interest, less any required withholding taxes. Following the merger, Hyperion will be a wholly-owned subsidiary of Oracle.
Oracle (NASDAQ GS: ORCL) is the world’s largest enterprise software company. For more information about Oracle, please visit our Web site at www.oracle.com
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