Competition apparently becomes PeopleSoft Inc.
In the midst of a hostile takeover bid by rival Oracle Corp. that some speculated would harm PeopleSofts business, the company today raised its third quarter forecasts—for the second time in just over a month.
Citing strong software sales and its recent acquisition of enterprise resource planning software maker J.D. Edwards & Co., PeopleSoft said license revenue, total revenue and earnings per share will likely exceed results it set in early September.
On Sept. 4 PeopleSoft forecasted between $575 million to $590 million in revenues and earnings of 10 cents to 11 cents for the quarter, excluding deferred revenue.
Company officials didnt say by how much it expects to beat its earlier forecast, but said the combination of it and J.D. Edwards is already exceeding its expectations.
PeopleSoft, of Pleasanton, Calif., acquired J.D. Edwards, of Denver, in August for $1.8 billion. Just days after the acquisition was announced Oracle, of Redwood Shores, Calif., announced its takeover bid for PeopleSoft.
Now at $19.50 per share, or $7.3 billion, Oracles tender offer has been extended several times and is set to expire Oct. 17.
PeopleSoft will announce final results for the quarter at the end of the month. It is expected to announce tomorrow the acquisition of a lean manufacturing product.