Oracle-PeopleSoft: The Deal Is Done
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.
Oracle is set to officially launch the combined company on Jan. 18 with a Webcast dubbed "Oracle and PeopleSoftBetter 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.
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