'The merger will occur on January 7. All remaining outstanding PeopleSoft shares, other than those held by stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $26.50 per share in cash. Following the merger, PeopleSoft will be a wholly-owned subsidiary of Oracle,' the database giant said in a statement.

Oracle's offering period under its tender offer to purchase all outstanding shares of PeopleSoft expired at 8pm New York time on 6 January.

The company said that, including those shares tendered in the initial offering period, PeopleSoft stockholders have now tendered approximately 388,679,045 shares, or more than 97% of PeopleSoft's outstanding stock. Oracle has accepted for payment all shares tendered in the offer.