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PeopleSoft And Oracle Finally Reach Agreement In Takeover Battle

by Glen Shapiro, LawAndTax-News.com, New York

15 December 2004


Marking the end of a bitter 18 month wrangle, business software firms PeopleSoft and Oracle announced on Monday that they have agreed to merge, after Oracle improved on what it had previously said was its "best and final offer".

According to reports, during the first direct negotiations between the two firms this weekend, Oracle agreed to raise its bid offer by $2.50 per share to $26.50, which appears to have sealed the deal.

The development heads off the legal action over PeopleSoft's 'poison pill' anti-takeover measures, and has therefore been greeted with some disappointment by observers within the legal community, who had been keen to hear the verdict of Delaware Vice Chancellor, Leo E. Strine on the matter.


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