10 Jan 2005
Oracle has finally acquired arch rival PeopleSoft following its long-running hostile takeover attempts.
As of Friday, Oracle owned more than 97 per cent of PeopleSoft shares following the expiration of its $26.50 per share offer on Thursday night.
Further reading
The company needed 90 per cent of PeopleSoft's shares to execute the takeover, and thus boost its position in the enterprise resource planning (ERP) sector.
PeopleSoft will now operate as a wholly-owned subsidiary of Oracle.
When Oracle announced it had won the battle for PeopleSoft in December, chief executive Larry Ellison promised to continue supporting and developing PeopleSoft products and those of its other recent acquisition JD Edwards.
'This merger works because we will have more customers, which increases our ability to invest more in applications development and support,' Ellison said.
'We intend to enhance PeopleSoft 8, develop a PeopleSoft 9, and enhance JD Edwards 5 and develop a JD Edwards 6. We intend to immediately extend and improve support for JD Edwards and PeopleSoft customers worldwide.'
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