BusinessCompany NewsOracle to seal PeopleSoft deal by July

Oracle to seal PeopleSoft deal by July

Oracle's proposed all cash acquisition of PeopleSoft should go through by July, according to its chief financial officer, Jeff Henley.

Link: Oracle in hostile bid for PeopleSoft

Speaking on a conference call today, Henley said a letter has already been sent to the PeopleSoft board, and he expects the company to make an official offer on Monday. ‘We think this could all happen fairly soon. We expect the transaction to be completed in July,’ he said.

Larry Ellison, Oracle chief executive, said he had been looking at the deal for over a year following an approach by PeopleSoft president and chief operating officer, Craig Conway.’I can only say what Craig Conway said to me a year ago, which is that the two businesses together would be a very formidable player in the market and I couldn’t agree with him more,’ Ellison said.

He said the acquisition would be very healthy for the industry. ‘There’s a very strong player in the market already out there in SAP and you have an upcoming player which is making billions of dollars in investment, in Microsoft. I think the combination of Oracle and PeopleSoft will make a third strong player in the market. That’s what we need, more competition.’

Dennis Keeling, chief executive of BASDA, the international software standards body, said the deal has a ‘good chance’ of going through.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

1w Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

8m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

8m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

11m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

11m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

11m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

11m Emma Smith, Managing Editor