Oracle-Portal merger takes effect

The merger of Oracle Corp. and Portal Software took effect July 3, paving the way for the full integration of the two companies. Following the merger, Portal would become a wholly owned subsidiary of Oracle.
Oracle's subsequent offering period under its tender offer to purchase all of the outstanding shares of Portal expired at 8 p.m., New York City time, on June 30. Including those shares tendered in the initial offering period, Oracle had acquired more than 38 million shares, or more than 88%, of Portal's outstanding stock.