Oracle Challenges Microsoft's Buyout Bid for TikTok
Under pressure to find an American buyer of the popular video-sharing app TikTok and its North American services and assets, Chinese owner ByteDance appears to have a bidding war on its hands. Database software giant Oracle (NYSE: ORCL) is reportedly throwing its hat in the ring, giving ByteDance an alternative to the previously proposed bid from Microsoft (NASDAQ: MSFT).
Oracle executives have reportedly met with ByteDance to explore a buyout of the popular video-based social network in North America, Australia, and New Zealand. The talks were first reported by The Financial Times with further detail provided by CNBC and Reuters. Anonymous insiders have told these news outlets that Oracle is "seriously considering" a bid of at least $20 billion and is hammering out further details together with some of TikTok's largest investors.
Image source: Getty Images.
Source Fool.com
