(Bloomberg) -- Oracle Corp. Chief Executive Officer Mark Hurd said the company has made its "best and final offer" to buy NetSuite Inc. and will walk away if investors don’t endorse the deal because they want a higher price.
"We think we’ve made a fair offer," Hurd said in a televised interview on CNBC. "It’s our best and final offer. We’ll abide by what the shareholders say. If the shareholders don’t want to tender their shares, we’ll move on to other things."
Oracle earlier this month extended the deadline to Nov. 4 for NetSuite shareholders to approve the roughly $9 billion deal that puts the per-share price at $109. At the time, the company had just 22 percent of the stock needed to complete the transaction, which was announced in July. Oracle responded after at least one NetSuite shareholder expressed concerns that the deal undervalued the cloud software maker.
The probability of Oracle closing the deal is now rated at 68 percent, down from about 75 percent earlier this week, according to data compiled by Bloomberg.
After trading around Oracle’s offer price for several weeks, NetSuite shares have fallen this month by 10 percent. The stock fell 1.4 percent on Wednesday to $99.35. Oracle shares slipped less than 1 percent to $38.31.