Oracle-PeopleSoft: The Deal Is Done

By Lisa Vaas  |  Posted 2005-01-07 Print this article Print

After the expiration of its latest tender offer extension, Oracle announced that PeopleSoft stockholders had tendered more than 97 percent of outstanding PeopleSoft stock.

Finally, after 18 bitter months of battle, with 97 percent of outstanding stock in hand, Oracle Corp. on Friday will seal the deal on PeopleSoft Inc. After the expiration of its latest tender offer extension at 8 p.m. EST Thursday, Oracle announced that PeopleSoft stockholders had tendered about 388,679,045 shares, or more than 97 percent of outstanding PeopleSoft stock.
The merger closes on Friday, after which PeopleSoft becomes a wholly owned subsidiary of Oracle. All remaining outstanding PeopleSoft stock, other than that held by stockholders who have particular appraisal rights under Delaware law, will convert into the right to receive $26.50 cash per share.
To read Database Editor Lisa Vaas take on how to negotiate with Oracle post-acquisition, click here. 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. Oracle has not yet officially disclosed the total amount of layoffs that will result as it seeks to streamline the new company, but CEO Larry Ellison in the past has alluded to layoffs that could number around 6,000. Oracle spokesperson Jim Finn has been quoted in the media as saying that the total headcount decision will be made known by Jan. 15. 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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