Oracle Finally Gains Control Of PeopleSoft
Following the announcement earlier this month that business software firms
PeopleSoft and Oracle were to merge, marking the end of an 18 month takeover
battle, it was reported on Thursday that Oracle has finally gained control of
its smaller rival. According to an Associated Press report, PeopleSoft's stock holders have tendered
around three quarters of the company's outstanding shares, a move which has
granted Oracle control of the company. A subsequent offering, set to expire
on January 4, will allow shareholders who have not yet tendered their shares
to receive the $26.50 per share offer price. In addition, Oracle has reportedly named four representatives to serve on the
PeopleSoft board, which will give the larger firm majority board representation. The merger is expected to close officially early next year. .
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