BusinessCompany NewsOracle in hostile bid for PeopleSoft

Oracle in hostile bid for PeopleSoft

The world's second largest software company, Oracle, has launched a hostile bid for business software group PeopleSoft, putting its planned merger with J.D. Edwards in doubt.

Link: PeopleSoft to buy J.D. Edwards for $1.7bn

The cash tender offer amounts to $5.1bn, or $16 per share.

In a statement, Oracle said: ‘PeopleSoft has recently signed a merger agreement with J.D. Edwards & Company that is subject to several conditions and is not scheduled to be completed until this fall. Once Oracle?s acquisition of PeopleSoft is complete, it will review whether, and on what terms, Oracle would support that transaction.’

‘The acquisition of PeopleSoft will immediately make Oracle an even more profitable and competitive company,’ said Oracle’s chairman and CEO, Larry Ellison.

He added: ‘Although we will not be actively selling PeopleSoft products to new customers, we will provide enhanced support for all PeopleSoft products. Furthermore, we will be incorporating the advanced features from the PeopleSoft products into future versions of the Oracle eBusiness Suite.’

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