Sun sets date for shareholder vote on Oracle buyout

Sun Microsystems has set an official date for its shareholder vote on the proposed acquisition by Oracle.

A special meeting will be convened at 10am on 16 July, at which stakeholders will decide whether to accept or decline the US$7.4bn deal approved by board members in April.

If the vote is successful, Oracle will clear a crucial step in its proposed acquisition of Sun. The two companies agreed to the deal earlier this year following the breakdown of talks between Sun and IBM.

IBM was reportedly looking to acquire Sun for as much as US$7bn before anti-trust concerns killed the deal.

The acquisition will give Oracle control of the Java and Solaris platforms, instantly making the company a player in the open-source software market.

Executives on both sides have praised the merger, but not everyone is so keen. Last month a group of shareholders filed suits to block the transaction.