<article>Aconex Ltd said on Monday it had received a A$1.56 billion ($1.19 billion), or A$7.80 in cash per share, buyout offer from U.S. software major Oracle Corp.</article>

Aconex Ltd said on Monday it had received a A$1.56 billion ($1.19 billion), or A$7.80 in cash per share, buyout offer from U.S. software major Oracle Corp.
Aconex said in a statement its directors had unanimously recommended the offer, which represents a 47.4 percent premium to Friday&#8217;s closing price of A$5.29.
&#8220;With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry,&#8221; said Mike Sicilia, Oracle senior vice president and general manager for its Construction and Engineering Global Business arm said in a statement.
Shareholders of the cloud solutions provider are scheduled to vote on the offer at a scheme meeting in March next year.
The company, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal&#8217;s equity value as a break-up fee, under certain conditions which it did not specify.
Credit Suisse is acting as Aconex&#8216;s financial advisor while Herbert Smith Freehills is acting as its legal advisor.
Reuters

Aconex Ltd said on Monday it had received a A$1.56 billion ($1.19 billion), or A$7.80 in cash per share, buyout offer from U.S. software major Oracle Corp.

Australia's Aconex receives $1.19b takeover offer from Oracle

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Australia's Aconex receives $1.19b takeover offer from Oracle

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