Oracle Corp. said today it will complete its acquisition of rival PeopleSoft, formally drawing to a close an 18-month battle.
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.