NetSuite shareholders have agreed to Oracle’s $9.3 billion acquisition bid in a narrow vote.

Owners of 53.21 percent of unaffiliated shares in NetSuite voted in favor of the deal, despite opposition from the largest unaffiliated shareholder T. Rowe Price who cited conflicts of interest between NetSuite and Oracle co-founder Larry Ellison.

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Oracle gets SaaSy

Ellison, his affiliates and family members own approximately 45 percent of NetSuite, and were unable to vote on the tender offer.

But T. Rowe Price, which recently owned around 18 percent of the stock, cited concerns that the close ties affected the offer price of $109 per share, and called for $133 instead.

In response, Oracle extended the deadline for shareholders to vote, but did not raise the price. Mark Hurd, Oracle CEO, called it the “best and final” offer.

At the time of the original acquisition announcement, Hurd said: “Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever.”

Zach Nelson, CEO at NetSuite, added: “NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries. We are excited to join Oracle and accelerate our pace of innovation.”

Oracle itself has been heavily investing into growing its presence as a cloud provider. Its purchase of NetSuite, the first company dedicated to providing cloud-based business applications, is just the latest in a series of moves to take on Amazon Web Services - with Ellison recently challenging AWS in a keynote.

Ellison will personally net $3.5bn in cash from the deal, but, with Oracle shares having fallen in value since the acquisition was announced, his net valuation is thought to have dropped by roughly $1.5bn.