Following its tender offer for all the outstanding common stock of Stellent Inc., Oracle Corporation has acquired around 92 percent of Stellent’s outstanding common stock. Oracle Corporation – the world’s largest enterprise software company – has received approximately 28.8 million shares, including those tendered by notice of guaranteed delivery from the shareholders of Stellent Inc., and all these shares tendered in the offer have been accepted for payment.

Until such time the merger between the two companies is completed, one board member from the current Stellent board will remain on the Stellent’s board of directors. In addition, seven representatives from Oracle Corporation will be designated to serve on Stellent’s board. This gives Oracle a majority representation on Stellent’s board. 

The first step in Oracle’s two step acquisition of Stellent completed by acceptance of its tender offer, the second and final step involves merging Stellent to make it a wholly owned subsidiary of Oracle.