Oracle: A Hair Away from Total Control

By Lisa Vaas  |  Posted 2005-01-05 Print this article Print

With 89.4 percent of PeopleSoft shares in its grasp, Oracle is a hair away from closing its acquisition and therefore extended its tender offer yet again.

With 89.4 percent of PeopleSoft Inc. shares in its grasp, Oracle Corp. is a hair away from closing its acquisition. It therefore announced late Tuesday evening that it is yet again extending its tender offer, until Thursday at 8 p.m. EDT. The previous offer was set to expire on Tuesday at 8 p.m. EDT. After Oracle captures another 0.6 percent of outstanding shares, it will be able to carry out an expedited merger, permitted under Delaware law.
At this point, PeopleSoft stockholders have loosened their grip on about 357,684,588 shares at Oracles offering price of $26.50 per share.
Oracle is set to officially launch the combined company on Jan. 18 with a Webcast dubbed "Oracle and PeopleSoft—Better Together." Oracle Co-Presidents Safra Catz and Charles Phillips will present. In the meantime, the blood is flowing. The total number of heads on the chopping block has not yet been disclosed, but Oracles head of PR, Jim Finn, has been quoted in the media as saying that the total headcount decision will be made known by Jan. 15. PeopleSoft customers say theyre relieved that the long buyout battle is finally over. Click here to read more. Until then, executives of both companies are falling to the cutting-room floor. Oracle quietly replaced two of its own top executives last week, unseating Executive Vice President of Application Development Ron Wohl and Mike Rocha, executive vice president for global support services—two positions that are pivotal in the area of enterprise applications. Rocha is leaving, but Wohl will stay with Oracle in an as-yet-unnamed position. Oracle will disclose changes in executive roles, as well as PeopleSoft integration plans, Jan. 26 at Oracles analyst day event in New York. To read Database Editor Lisa Vaas take on how to negotiate with Oracle post-acquisition, click here. Oracle also bumped four PeopleSoft executives last week, switching its own Catz and Phillips in as co-presidents of the combined companies and ditching PeopleSoft Co-President and Chief Financial Officer Kevin T. Parker, Co-President W. Phillip Wilmington, Executive Vice President and Chief Marketing Officer Nanci Caldwell, and James P. Shaughnessy, senior vice president, general counsel and secretary, according to a regulatory filing made on Thursday. Check out eWEEK.coms for the latest database news, reviews and analysis.
Lisa Vaas is News Editor/Operations for and also serves as editor of the Database topic center. Since 1995, she has also been a Webcast news show anchorperson and a reporter covering the IT industry. She has focused on customer relationship management technology, IT salaries and careers, effects of the H1-B visa on the technology workforce, wireless technology, security, and, most recently, databases and the technologies that touch upon them. Her articles have appeared in eWEEK's print edition, on, and in the startup IT magazine PC Connection. Prior to becoming a journalist, Vaas experienced an array of eye-opening careers, including driving a cab in Boston, photographing cranky babies in shopping malls, selling cameras, typography and computer training. She stopped a hair short of finishing an M.A. in English at the University of Massachusetts in Boston. She earned a B.S. in Communications from Emerson College. She runs two open-mic reading series in Boston and currently keeps bees in her home in Mashpee, Mass.

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