Oracle Corp offer $1.2 billion to acquire Aconex Ltd

Oracle Corp aims to acquire Aconex Ltd headquartered in Melbourne for US$1.2 billion. Aconex said in a statement that the directors unanimously recommended the offer and are scheduled to vote on an offer at a March meeting next year.

Aconex founded by Leigh Jasper and Rob Phillpot at 2000 in Melbourne is a web-based project management software company that allows input from various teams. They build technologies that have served global projects including the Panama Canal.

Tinuku Oracle Corp offer $1.2 to acquire Aconex Ltd

"Oracle's offer of AU$7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through cash offerings and limited terms," said Chairman Aconex, Adam Lewis.

Jasper and Phillpot have more than 5 percent ownership. The Company has experienced huge fluctuations in stock prices since listing in 2014 at AU$1.90 and last year at AU$8.50. Stock prices rose 45 percent on Monday to just below the cash offer per share of AU$7.80.