Big Law
Oracle’s Shares Drop Following Its $28.3 Billion Cerner Acquisition
Shares of medical-records software maker Cerner (NASDAQ: CERN) were trading higher again Monday, following news last week that database software giant Oracle (NYSE: ORCL) agreed to acquire Cerner for around $28.3 billion.
Cerner shares vaulted 12.93% Friday on rumors of the deal, which was formally announced Monday.
According to the companies’ joint release, Oracle’s all-cash tender offer is for $95 per share, or approximately $28.3 billion in equity value. That’s a premium of about 5% over where the stock was trading mid-session Monday.
