Sun shareholders approve Oracle merger
Investors OK the $7.4 billion deal, but acquisition still faces scrutiny by the Justice Department. Java licensing said to be the sticking point.
Sun Microsystems announced Thursday that the stockholders at its special meeting voted in favor of the merger agreement with Oracle.
Investors holding approximately 62 percent of all shares of Sun common stock voted yes to the deal under which Oracle will acquire Sun for $9.50 a share in cash, a total of $7.4 billion, or $5.6 billion net of Sun's cash and debt.
The acquisition still facesby the U.S. Department of Justice over one sticking point on Java licensing. But Oracle is confident the merger will be completed by the end of the summer.
The global downturn has been hard on Sun, which is expectingfor its fiscal fourth quarter.
Oracle announced its intent to buy Sun on. The announcement followed a lengthy series of talks and meetings between Sun and looking to pick up the company.