Oracle Says It Has Control of PeopleSoft
- 0
- Add a Comment
I thought the soap opera was over and I’d have to go cold turkey - but I guess I’m being let down easy…Free registration required to read the story.
Business software maker Oracle Corp. (ORCL.O) on Wednesday said it has taken control of rival PeopleSoft Inc. (PSFT.O) now that about 75 percent of its rival’s shareholders have tendered their shares.
PeopleSoft’s board earlier this month reluctantly agreed to a sweetened $10.3 billion buyout by Oracle, relenting after an 18-month takeover fight that included courtroom battles and the ouster of PeopleSoft’s chief executive. The board had previously rejected Oracle’s takeover offer several times.
Advertisement
The initial period for the tender offer expired on Tuesday, while a subsequent offering period expires on Jan. 4, Oracle said in a statement. The deal is expected to close in early January.
The announcement comes as Oracle begins the difficult task of integrating the two companies.
Oracle had initially planned on dropping PeopleSoft’s products when it launched its takeover in June 2003, but has since said it will enhance existing PeopleSoft brands and develop new versions in the future.
Oracle also plans to enhance and build new products for J.D. Edwards, the business software maker PeopleSoft bought in 2003, prior to Oracle’s hostile takeover proposal.
