Aconex receives $1.19 billion takeover offer from Oracle Corp

(Reuters) – Aconex Ltd said on Monday it had received a A$1.56 billion ($1.19 billion), or A$7.80 in cash per share, buyout offer from U.S. software major Oracle Corp .

Aconex said in a statement its directors had unanimously recommended the offer, which represents a 47.4 percent premium to Friday’s closing price of A$5.29.

“With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry,” said Mike Sicilia, Oracle senior vice president and general manager for its Construction and Engineering Global Business arm said in a statement.

Shareholders of the cloud solutions provider are scheduled to vote on the offer at a scheme meeting in March next year.

The company, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal’s equity value as a break-up fee, under certain conditions which it did not specify.

Credit Suisse is acting as Aconex’s financial advisor while Herbert Smith Freehills is acting as its legal advisor.

($1 = 1.3074 Australian dollars)

(Reporting by Aaron Saldanha in Bengaluru, editing by David Evans)