Oracle Corp. said today it will complete its acquisition of rival PeopleSoft, formally drawing to a close an 18-month...
By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
Oracle's ownership of Pleasanton, Calif.-based PeopleSoft was assured last month when PeopleSoft's board of directors accepted a tender offer of $26.50 per share, bringing the cost of the deal to $10.3 billion and making Oracle the world's second largest maker of business software after Germany's SAP AG.
Two days ago, Redwood Shores, Calif.-based Oracle extended its offer to the remaining PeopleSoft shareholders by two days. To that end, 89.4% of PeopleSoft's shareholders had tendered their shares, leaving Oracle just shy of its goal of 90%. As of today, 388,679,045 shares or more than 97% of the outstanding stock has been tendered, Oracle said. With a 90% stake, Oracle can close the merger without a shareholder vote, a step that could add six weeks to the process.
Oracle said it will move ahead quickly with the integration of the two companies.