Oracle offers $1.2b for India's i-flex
Reuters, Mumbai
Oracle Corp boosted its offer for Indian banking software provider i-flex Solutions Ltd to $1.3 billion, driving up i-flex shares 17 percent to a record high.Oracle, the world's biggest maker of database software, said it wanted to take its stake in i-flex to 90 percent and raised the price it is willing to pay to 2,100 rupees per share, up 42 percent from 1,475 rupees previously. The revised offer, which Oracle said was final, represented a 20 percent premium to i-flex's closing price on Thursday. It values i-flex at 49 times forecast earnings, versus a sector average of Indian application software makers of 24.
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