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.
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