Oracle Chief Executive told CNBC's the board had made its "best and final offer" to NetSuite.
Hurd said his company offered NetSuite a "fair offer" of $109 a share, resulting in a deal value of $9.3 billion. He said the tender offer expires Nov. 4.
"We'll abide by what the shareholders say," he said. "If the shareholders don't want to tend to their shares, we'll move on to other things."
Hurd said the potential NetSuite acquisition would help Oracle on the applications side of the company, but that Oracle has booked more revenue in the cloud than its competitors did last year.
"The cloud industry has probably grown 45, 50 percent," he said. "Last quarter, we clocked in at 80 percent plus, so our growth rate is pretty high, driven by a lot of applications and by platforms."
On mergers and acquisitions, Hurd said the company was not making a bid for right now, and he would not comment on other deals, saying the company is "really focused on the enterprise and (business-to-business) sector."