Oracle buys PeopleSoft for $10 billion
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| Title: | Oracle buys PeopleSoft for $10 billion (ID: CSD3588) | |
| Topics: | Administrative Systems, ERP Systems | |
| Origin: | Contributed by Organizations or Campuses (2004) | |
| Type: | Articles, Papers, and Reports | |
| Abstract: | After 18 months of wrangling, legal actions, and regulatory review, the PeopleSoft Board of Directors has approved a buyout offer from Oracle.The deal is valued at about $10.3 billion, or $26.50 per share, despite Oracle's insistence that $24 per share was its best offer. The higher price came after Oracle executives gained access to PeopleSoft's financial statements and determined the target company was more profitable than Oracle's earlier estimates. Oracle has promised strong support for current PeopleSoft customers, as well as those of J.D.Edwards, which PeopleSoft acquired during the takeover efforts by Oracle. Oracle CEO Larry Ellison said development teams from both PeopleSoft and J.D. Edwards would be retained and would operate independently. Ellison said updates to applications from both companies would be developed in the next year or two. Pending legal action over the merger will be suspended until the transaction is completed, at which point litigation will be dismissed. The deal is expected to close at the end of January 2005. | |
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