Oracle (NYSE: ORCL) has once again extended its tender offer of $95 in cash per share to buy all outstanding shares of common stock of health information technology company Cerner (Nasdaq: CERN) to provide more time to satisfy the remaining conditions.
Oracle agreed to acquire Cerner for approximately $28.3 billion through an all-cash tender offer in late December and both parties now expect the tender offer to expire on May 11, Oracle said Wednesday.
The tender offer, which was previously set to expire on April 13, remains subject to approvals under foreign direct investment and foreign competition laws and may be further extended in accordance with the merger deal and the Securities and Exchange Commission’s rules and regulations.
Oracle said approximately 11.5 percent of Cerner’s outstanding shares had been tendered as of April 8, Friday.
In February, Oracle announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its proposed acquisition of Cerner.