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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