Oracle gets poor response to i-flex offer

By agencies   |   Friday, 25 November 2005, 08:00 Hrs
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MUMBAI: Oracle Corporation’s offer to buy upto 20 percent of Indian banking software company i-flex Solutions Ltd. from public shareholders has received a poor response because the bid was lower than the market price.

Oracle Global (Mauritius) had acquired 32 million equity shares aggregating to 42.41 percent from Orbitech Ltd. The U.S. based firm had made an open offer under Indian take over rules after it made a announcement to acquire the Company from its majority share holder CitiCorp.
Oracle board also gave its nod for the appointment of Charles Phillip, Jr, as an additional director of the company.

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