ORCL Oracle Corp

Oracle Corp. said its deal to buy NetSuite Inc. would be called off next month unless enough shares are tendered by an extended deadline.

NetSuite shares fell 4.2% to $104.72 in morning trading in New York, while Oracle shares rose 0.4% to $38.87.

NetSuite shareholders now have until Nov. 4 to tender 20.4 million shares, a majority of unaffiliated shares. So far, 4.6 million unaffiliated shares, or less than a quarter of those needed, have been tendered.

Oracle said Friday that if the required number of unaffiliated tendered shares isn't reached by Nov. 4, then it would "respect the will of NetSuite's unaffiliated shareholders and terminate its proposed acquisition."

Last month, T. Rowe Price Group Inc. notified NetSuite that it would oppose Oracle's $9.3 billion acquisition of the cloud-software provider, noting the "unique relationship" between the company and Oracle Chairman Larry Ellison.

Mr. Ellison is the biggest shareholder in both companies. Entities owned by Mr. Ellison or his family held nearly 40% of NetSuite's common shares as of April, according to regulatory filings.

Including affiliated shares, a majority of all shares have been tendered.

In July, Oracle agreed to pay $9.3 billion, or $109 a share, for the cloud-computing pioneer. The deal was seen helping Oracle to catch up in a key area where it has lagged behind, but also raised questions about the influence of Mr. Ellison.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

October 07, 2016 10:35 ET (14:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.