Sun, the Santa Clara, Calif.-based computer server and software maker, said in a press release 62% of holders of its common stock had voted to accept the agreement at a special meeting at its headquarters. Under the terms of the deal, database maker Oracle will acquire each Sun share for $9.50 in cash.
Sun Is Setting While Top Execs Remain Mum Stockholder acceptance clears a major hurdle for the deal to progress. But deal closure remains subject to antitrust clearance from the U.S. Justice Department, which in June said it was extending an initial investigation. Oracle has said despite the longer investigation, it expects the deal to close by the end of August.
Oracle has said Java, the programming language which many companies and developers license from Sun, is the focus of the investigation.The deal, which was announced in April, came after Sun held negotiations with rival International Business Machines Corp. and surprised some industry watchers.
Redwood City, Calif.-based Oracle, which makes databases and other software for large corporations, hasn't previously had a significant presence in the hardware business. Although many analysts have questioned whether Oracle wants to make servers and storage equipment over the long-term, the company's chief executive, Larry Ellison, has said he is "definitely not going to exit the hardware business."Earlier this week, Sun projected a wider fiscal-fourth-quarter loss and lower revenue than Wall Street had been expecting.
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