In yet another move aimed at seeing off the threat posed by Oracle, business applications developer PeopleSoft has signed a new agreement with JD Edwards aimed at speeding up the acquisition process and offering stockholders better value.
Link: PeopleSoft to buy JD Edwards for $1.7bn
PeopleSoft disclosed that it would purchase JD Edwards for $1.75bn (£1.04bn) made up of $863m in cash and 52.6 million in newly issued PeopleSoft shares and said it planned to complete the transaction by the third quarter of 2003.
The amended agreement, promises a win for stockholders, customers and employees of both companies and is designed to ‘minimise customer uncertainty arising from Oracle’s recent tender offer’.
JD Edwards stockholders will have the option of choosing either cash or PeopleSoft shares.
In the last few days PeopleSoft and JD Edwards have both launched lawsuits against Oracle claiming its offer to buy PeopleSoft was aimed at disrupting the sale.
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