BusinessCompany NewsPeopleSoft/JD Edwards deal gets green light

PeopleSoft/JD Edwards deal gets green light

As expected, US regulators have given the green light to Peoplesoft's proposed $1.7bn (£1bn) acquisition of JD Edwards - but Oracle is refusing to throw in the towel.

Link: PeopleSoft sweeteners may sour Oracle bid

PeopleSoft and JD Edwards have received early termination of the required waiting period under relevant US legislation, and now expect to complete their deal before 18 July.

‘The Department of Justice’s decision to grant early termination is great news,’ said PeopleSofts’ president and chief executive Craig Conway, in a statement.

‘This is a very important milestone and clears the way for the JD Edwards acquisition to be completed.’

Bob Dutkowsky, chairman, president and chief executive of JD Edwards, added in a statement: ‘The combined company will offer both mid-sized and large enterprise customers access to the broadest, most open suite of integrated enterprise software applications in the industry.’

The news has failed to persuade database giant Oracle to withdraw its hostile $6.3bn bid for Peoplesoft.

Although the bid faces US regulatory review and Oracle has yet to seek formal approval from European regulators, it is still bullish about its chances despite pushing back the original 18 July deadline for its offer to midnight on 15 August.

‘We remain fully committed to acquiring PeopleSoft, with or without JD Edwards,’ said Jim Finn, Oracle spokesman, in a statement.

Meanwhile, Oracle is ramping up efforts to win over sceptical Peoplesoft customers.

On Thursday 17 July Charles Phillips, executive vice president in the office of the chief executive at Oracle, will answer questions submitted by Peoplesoft customers via email. The audio conference is the first of several planned by Oracle.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

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

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor