Siebel Holders OK Oracle Buyout

Nearly 99% of the votes cast approve the merger.
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The shareholders of Siebel Systems

(SEBL)

have overwhelmingly approved the company's acquisition by

Oracle

(ORCL) - Get Report

for $10.66 a share, or $3.61 billion net of cash on hand.

The end of the software maker's 11-year run came at an undramatic special shareholder meeting that lasted less than 10 minutes Tuesday. Just under 99% of the shares cast, which represented 67% of the company's 538 million shares outstanding, were in favor of the takeover.

"It's been the professional experience of a lifetime to serve you all," said founder and Chairman Tom Siebel as he closed the meeting.

It wasn't immediately clear when Siebel shares would stop trading. Most recently, they were off a penny to $10.63, while shares of Oracle were down 13 cents, or 1%, to $12.48.

Siebel, which practically invented the category of customer relationship management software, has floundered for several years, as larger players, such as German giant

SAP

(SAP) - Get Report

and smaller, nimbler competitors like

Salesforce.com

(CRM) - Get Report

took aim at its customer base with increasing success.