Oracle Corporation's intentions to acquire an additional 35 per cent stake in i-flex Solutions may fail as its public offer did not meet with an adequate response.
At present, Oracle owns a 43 per cent stake in i-Flex. The acquisition was being routed through Oracle Global (Mauritius).
The company was seeking to acquire an additional 28.39 million shares. Oracle will accept all validly-tendered shares in full, a statement issued to Bombay Stock Exchange by DSP Merrill Lynch, the manager to the offer, said.
The acquisition was being routed through Oracle Global (Mauritius), a subsidiary of the global software major. However, the number of tendered shares was not available. The offer had closed on December 23, 2006.
