PeopleSoft Pushes to Close J.D. Edwards Deal

In an escalating three-way takeover battle among the software companies, PeopleSoft ignores Oracle's higher offer to acquire it and starts merger proceeding with J.D. Edwards. CeBIT: PeopleSoft CEO Avoids the 'O' Word


You Can't Detect What You Can't See: Illuminating the Entire Kill Chain

On-Demand Webinar

Despite Oracle's sweetened offer to acquire PeopleSoft , the enterprise application vendor is pushing to close its $1.75 billion merger plan with fellow application company J.D. Edwards .

The company on Thursday said it launched an exchange offering in order to close the deal, which offers J.D. Edwards stockholders cash or PeopleSoft common stock.

The latest development move comes one day after database giant Oracle raised its unsolicited bid for PeopleSoft from $5.1 billion to $6.3 billion, and said it intended to file a lawsuit, charging that PeopleSoft is interfering with its own takeover bid.

As Oracle seeks to woo PeopleSoft's shareholders by proposing $19.50 per share instead of the prior $16 offer, PeopleSoft kept pushing ahead with its merger plans with J.D. Edwards Thursday, announcing the launch of an exchange of shares to close the merger.

Based on the $16.92 closing price of PeopleSoft's shares on June 13 before the deal was announced, the deal works out to about $14.33 per share, which values the deal at about $1.75 billion (based on 122.4 million J.D. Edwards shares outstanding).

The news also comes as PeopleSoft's chief executive, Craig Conway, delivers the keynote address during the CeBit America trade show in New York.

PeopleSoft said J.D. Edwards stockholders can elect to receive either all cash or all stock for their J.D. Edwards shares, subject to proration.

0 Comments (click to add your comment)
Comment and Contribute


(Maximum characters: 1200). You have characters left.



IT Management Daily
Don't miss an article. Subscribe to our newsletter below.

By submitting your information, you agree that datamation.com may send you Datamation offers via email, phone and text message, as well as email offers about other products and services that Datamation believes may be of interest to you. Datamation will process your information in accordance with the Quinstreet Privacy Policy.