The software giant Oracle said that its proposed $9.3 billion acquisition of the cloud storage company NetSuite would move forward, after more than half of eligible NetSuite shareholders backed the bid.
Oracle said in a statement on Saturday that holders of 53 percent of unaffiliated NetSuite shares agreed to tender their shares by the deadline of Friday. The deal will be completed on Monday, Oracle said.
Oracle offered to buy NetSuite in July for $109 a share in response to challenges from rival enterprise software companies like Workday and Salesforce that have popular cloud-based software products.
The investment manager T. Rowe Price, NetSuite’s second-largest shareholder after Oracle’s chief executive, Lawrence J. Ellison, had objected that Oracle’s offer was too low and said it would not tender its shares. T. Rowe sent a letter last week to Oracle suggesting that the company raise its offer to $133 a share.
As of July, T. Rowe owned 12.2 million NetSuite shares.
NetSuite’s chief executive, Zachary Nelson, has worked at Oracle and is close to Mr. Ellison.
NetSuite shares went on a roller-coaster ride ahead of Oracle’s offer deadline on Friday. A day earlier, NetSuite shares jumped by more than 6 percent before trading was temporarily halted. NetSuite shares fell 3.8 percent on Friday, closing at $90.34.
According to terms of the Oracle agreement, a majority of NetSuite’s 40.8 million unaffiliated shares, or shares not tied to Mr. Ellison and other insiders, had to be tendered to complete the deal.