Oracle News Desk
NetSuite to IPO to Repay Larry Ellison and for Acquisitions
NetSuite recently disclosed that Larry's 60% majority interest in the company is going to be stowed in a lockbox over which he has no personal control to deflect any talk of conflict of interest. See, NetSuite is considered a potential competitor of Oracle and is also an Oracle customer. It bought $5.6 million worth of Oracle software in May. NetSuite says it's going to use the IPO money to repay Ellison $8 million and for acquisitions. Ellison and his family will own about 66% of the shares after NetSuite goes public. It's bound for the New York Stock Exchange under the ticker symbol 'N.' Larry's share is earmarked for charity. Credit Suisse and WR Hambrecht are the lead underwriters. Hambrecht has always been fond of auctions.
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