$75 MILLION SPHERIS SALE TO CBAY HITS ROADBLOCK
Kumar Shankar Roy, Kolkata
Financial Chronicle
CBay Group's chief executive Raman Kumar's $75 million attempt to buy key business of bankrupt medical technology US firm Spheris may get stuck with Larry Ellison-led Oracle, globally the second biggest software maker, voicing its displeasure over the deal.
Oracle America has objected to the proposed sale (of selected asset and liabilities) of Spheris to CBay, saying it wants the US court to refuse any provision that would allow for the 'unauthorised' transfer of Oracle's software. Oracle is a creditor and contract counter-party in the Spheris bankruptcy case. According to Oracle, the purchase agreement between CBay and Spheris contemplates amongst other things a transition services agreement, which could grant the acquirer(s) and Spheris rights to allow simultaneous use of, and access to, Oracle’s software.
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