Oracle bids for Peoplesoft

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Gopal_Kistasami

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Oracle Offers $5.1 Billion for PeopleSoft
By THE ASSOCIATED PRESS


Filed at 7:58 a.m. ET

REDWOOD SHORES, Calif. (AP) -- Oracle Corp. is making a $5.1 billion
cash offer to purchase rival business software maker PeopleSoft Inc.,
the company announced Friday.

Oracle, the world's largest enterprise software company, was offering
$16 a share for all outstanding shares of Pleasanton, Calif.-based
PeopleSoft, which creates programs that manage large companies'
personnel, customers and supply chains.

That would represent a 5.9 percent premium over PeopleSoft's closing
price of $15.11 a share on Thursday on the Nasdaq Stock Market.

On Monday, PeopleSoft said it was buying rival J.D. Edwards & Co. in a
$1.5 billion stock swap. Oracle said that once the acquisition of
PeopleSoft is complete, it will review whether, and on what terms,
Oracle would support that transaction.

``The acquisition of PeopleSoft will immediately make Oracle an even
more profitable and competitive company,'' said Oracle chairman and
chief executive Larry Ellison. ``Although we will not be actively
selling PeopleSoft products to new customers, we will provide enhanced
support for all PeopleSoft products. Furthermore, we will be
incorporating the advanced features from the PeopleSoft products into
future versions of the Oracle eBusiness Suite.''

Oracle expects to begin the offer on Monday.



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