Two recent Silicon Valley M&A deals—Tesla Motors Inc.’s acquisition of Solar City and Oracle Corp.’s purchase of NetSuite—have shed light on executive voting agreements, which prevent powerful shareholders from swatting down competing bids.
Oracle announced on July 28 that it plans to acquire NetSuite for $9.3 billion. Larry Ellison, who is Oracle’s chairman and who owns a 27 percent stake in the company, also owns about 40 percent stake in NetSuite. According to the Financial Times, he stands to net $3.5 billion from the transaction.
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