barney_rebel Posted December 13, 2004 Share Posted December 13, 2004 Oracle signs with PeopleSoft Associated Press UPDATED AT 6:44 AM EST Monday, Dec 13, 2004 Oracle Corp. announced Monday that it has signed a definitive merger agreement to acquire PeopleSoft Inc. for approximately $10.3 billion (U.S.). The agreement, which comes 18 months after Oracle launched its hostile takeover bid for its business software rival,values the Pleasanton-based company at $26.50 a share. "This merger gives Oracle even more scale and momentum," said chief executive Larry Ellison. "The real highlight of our most recent quarter was the 57 percent growth in our applications business, and this merger is going to make that applications business bigger and stronger." The transaction has been approved by the boards of directors of both companies and should close by early January, Oracle said. "This merger works because we will have more customers, which increases our ability to invest more in applications development and support," Mr. Ellison said. Oracle's last bid had been for $9.2 billion, or $24 per share. Peoplesoft shares had closed Friday at $23.95 on the Nasdaq Stock Market. http://www.globetechnology.com/servlet/sto...Story/Business/ Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.