Shareholders Approve Oracle Acquisition
Posted on July 16, 2009
As I previously reported, a special shareholders meeting was held this morning on the Santa Clara campus and I was front row for the action… or lack there of.
As expected, it was merely a formality. The meeting was no more than 10 minutes long and Jonathan Schwartz called in sick (literally). The meeting was officiated by Sun’s legal council. It was called to order, minutes read regarding the sending of proxy materials, then paper ballots were handed out to those who did not vote by proxy. Within 3 minutes the ballots had been collected. After about a 30 second pause another layer came forward and produced a prepared page from a folio, which the man running the meeting read and announced that the movement to approve the acquisition had been approved by a majority. The meeting was then adjourned.
As with so many great empires in the past, there was no great fanfare or spectacle, it simply happened and people shuffled out. I saw no executives present.
I was glad at least to have seen John Plocher and his wife, who were in attendance.
One final hurdle remains, it should be noted. The U.S. Justice Department has to approve the deal, but I don’t see any reason they wouldn’t do more than slow the closure of the deal down a bit, not stop it. Closure is expected by the end of August.