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62% of Sun's Stockholders Vote For Oracle Deal
Moon Workstation writes "In an special meeting held at Santa Clara, CA, 62% of Sun's stockholders voted for the acquisition by Oracle. As a result of this Sun's stock will be taken from the stock market as of Friday. The acquisition is still waiting for approval by the US Department of Justice and anti-trust offices in other countries. The planned acquisition is source for rumors and speculation about the future of different Sun products, like OpenSolaris, CPUs and others." (MySQL among them.)
It is likely that shareholders owning 62% of Sun stock voted for the Oracle deal. This is slightly different than 62% of shareholders (for instance, if 1 person owned 50% of the company, another owned 12%, and 15,000 people owned the rest, 0.013% of the shareholders would have 62% of the vote).
Nerd rage is the funniest rage.
Larry is the goatse guy?
Fuck systemd. Fuck Redhat. Fuck Soylent, too. Wait, scratch the last one.
The buying was de facto, but not official yet. To buy a public company, what you are really doing is buying out the shareholders, but the Board of Directors does most of the work in deciding if it is a good idea for the company. The board also usually also has representatives from major shareholders on it, so usually their determination also has some built in voting power, if not all of it.
So, if the Board says they are bought, they pretty much *are* bought.
However, sometimes there is a significant shareholder rebellion, and hostile takeovers are possible, where the buyer has obtained enough shares to impose their will on the board either through direct vote or through shareholder suits. You can usually see that coming a mile away, though, because its unlikely that individual shareholders of tiny numbers of share will care about anything more than making the straight money on their stock that they will be getting. That means a corporate raider or some similar organization would have to appear who buys into the company for it to be a real threat.
And of course, the government needs to approve for anti-trust reasons.
In this case, the shareholders' meeting is required, but is likely just a formality. The government inquiry is actually a bigger threat by far. The Board's determination in this case is sort of like Election night in the US. You aren't elected until the Electoral College has met, but it would be fair to say that you're pretty much President-elect as soon as the popular vote totals are tallied and the margin is wide enough.