Oracle's TikTok proposal falls short of security concerns: report
Shares of Oracle Corp. (ORCL) edged higher in the extended session Wednesday after dipping in the regular trading day after a report that its bid for TikTok had not resolved national-security concerns (https://www.bloomberg.com/news/articles/2020-09-16/oracle-s-orcl-tiktok-offer-leaves-u-s-security-concerns-unaddressed?utm_source=twitter&utm_content=business&cmpid=socialflow-twitter-business&utm_medium=social&utm_campaign=socialflow-organic). According to Bloomberg News, which cited people familiar with the matter, the software giant's proposal for the Beijing-based social-media company remains on the table and discussions are ongoing. According to the report, U.S. officials, including Secretary of State Mike Pompeo, remain concerned that TikTok's owner ByteDance Ltd. would still have access to user data from its nearly 100 million users in the U.S. The Wall Street Journal reported Tuesday that national-security regulators are reviewing the proposal and aiming for a resolution by Sunday (http://www.marketwatch.com/story/chinas-bytedance-aims-to-keep-majority-stake-in-tiktok-in-oracle-deal-2020-09-15). Shares of Oracle ended the regular trading day down 0.8%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 16, 2020 16:21 ET (20:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.