Sept 7 Investment firm T. Rowe Price Group
will vote against Oracle Corp's proposed
takeover of NetSuite Inc and said it preferred NetSuite to
Oracle said in July it would buy NetSuite in an about $9.3
billion deal that would give the company a larger share in the
rapidly growing cloud computing business.
Oracle Executive Chairman Larry Ellison beneficially owns
about 40 percent of NetSuite's shares as of February, according
to a regulatory filing.
"In our view, the inherent conflicts of interest between
NetSuite, the Ellison entities and Oracle are daunting and may
be impossible to manage," T. Rowe Price wrote in a letter to
T. Rowe Price, NetSuite's second-largest-shareholder, said
on Wednesday it owns about 14.5 million shares, or 18 percent,
of the company. (bit.ly/2c7ugDp)
(Reporting by Narottam Medhora in Bengaluru; Editing by Maju