PeopleSoft Completes J.D. Edwards Bid
It expects to buy up the remaining shares by the end of August, PeopleSoft said in a statement released Friday morning.
Additionally, Mike Maples, a former Microsoft executive who has been on the J.D. Edwards board since 1997 was named to the board of PeopleSoft, Pleasanton, Calif.
Oracle, which has been trying to buy PeopleSoft for more than a month now, said it plans to continue that quest. "We believe time is on our side. Oracle remains committed to acquiring PeopleSoft-even with the addition of J.D. Edwards," according to Oracle spokesman Jim Finn in a statement. Oracle has extended its tender offer till August 15.
Since launching his hostile bid for PeopleSoft June 6, Oracle Chairman Larry Ellison has disparaged PeopleSoft's attempt to buy J.D. Edwards, which he characterized as a struggling ERP vendor. Since that time, Oracle has signaled it would be willing to purchase the combined company, even though outsider observers thought that would require a sweetened bid.
Oracle, Redwood Shores, Calif. started out offering $5.1 billion in a hostile bid, later boosting it to $6.3 billion in cash. PeopleSoft had offered $1.75 billion in cash and stock for J.D. Edwards.
Shareholders tendering their J.D. Edwards shares will get $14.7384 in cash or a combination of stock and cash for their shares. Those who did not tender will get $7.05 in cash plus 0.43 of a PeopleSoft common share for each J.D. Edwards share.
For more on this story see the CRN PeopleSoft news center.