Oracle's proposed acquisition of Cerner: A timeline

Oracle announced its agreement to acquire Cerner in December, but the deal has yet to officially close due to pending shareholder and regulatory approval.

Below is a timeline of the deal, from the official announcement to Oracle's extensions on the offer:

Dec. 16, 2021: News broke of Oracle negotiating to buy Cerner for $30 billion. 

Dec. 20, 2021: Oracle and Cerner officially announced an agreement for Oracle to acquire Cerner in a $28 billion deal. Under the agreement, Cerner would become a dedicated industry business unit within Oracle. 

Jan. 19, 2022: According to a filing with the Securities and Exchange Commission, David Feinberg, MD, Cerner's president and CEO, as well as Jerome Labat, Cerner's executive vice president and chief technology officer, agreed not to leave the company in the year following its acquisition by Oracle. In the same filing, Cerner's C-suite executives would be entitled to golden parachutes ranging from $10 million to almost $22 million, should the deal close.

Feb. 4, 2022: Oracle's acquisition of Cerner began undergoing federal review under the Hart-Scott-Rodino Act, according to a filing from the SEC. The filing, which contained lawsuits from seven Cerner stakeholders, alleged that the company's disclosures about the deal provided insufficient or incorrect information. In general, lawsuits are common for mergers involving public companies.

Feb. 11, 2022: Oracle's buyout of Cerner stalled, as Oracle extended its proposed acquisition until March 16. The tender offer was previously scheduled to expire at the end of the day on Feb. 15. 

Feb. 23, 2022: Oracle announced that its waiting period to acquire Cerner, under the Hart-Scott-Rodino Act, expired Feb. 22. The offer was extended until March 16, but the company said it said it anticipated extending the tender offer further to allow more time for review.

March 15, 2022: Oracle extends its tender offer to acquire Cerner a second time until April 13. The company said the decision was made to allow additional time to complete the remaining conditions.

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