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PeopleSoft Finishes Up J.D. Edwards Buy

Barbara Darrow

The Pleasanton, Calif. software maker had already purchased about 105 million J.D. Edwards shares of common stock on July 17.

J.D. Edwards shareholders will get $7.05 in cash plus 0.43 percent of a PeopleSoft common stock share for each J.D. Edwards share.

"Over the last month we have moved rapidly to integrate the two companies," said PeopleSoft President and CEO Craig Conway in a prepared statement. "During that time, customer response has been outstanding and employees have been energized. I am more confident than ever that this combination will result in enhanced value for shareholders."

Meanwhile, Oracle continues in its $7.2 billion quest to buy PeopleSoft. The company will take to the phones and web again next week to persuade PeopleSoft customers that Oracle's $19.50-per-share cash bid is in their best interests.

The call next Wednesday will be hosted by Oracle executive vice presidents Chuck Phillips and Mike Rocha.

PeopleSoft has been fighting Oracle's bid tooth and nail since it was announced in early June. PeopleSoft executives have charged that Oracle's true intentions were to hurt PeopleSoft's business and disrupt the J.D. Edwards buyout. PeopleSoft maintains that internal Oracle e-mails, under court seal until recently, back up its contentions. Oracle has denied that, saying the e-mail messages were taken out of context.

The two companies are locked in suits and countersuits over the hostile takeover attempt. Oracle has extended its PeopleSoft offer twice now. The current tender offer extends until midnight eastern time September 19. (See story.)

For more on this continuing saga, see CRN's PeopleSoft news center.

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