PeopleSoft closes deal to buy JD Edwards


PeopleSoft closes deal to buy JD Edwards

PeopleSoft has finally taken control of JD Edwards, purchasing 88% of the outstanding shares of its fellow enterprise software firm. It said it hoped to buy the remaining shares by the end of August.

JD Edwards stockholders received $14.74 per share in either cash, PeopleSoft stock, or a combination for each share in a deal worth a total of $1.8bn.  

Michael Maples, a JD Edwards board member, will join the PeopleSoft board of directors as part of the acquisition.

PeopleSoft has been fending off a hostile takeover attempt by Oracle while it completed the JD Edwards acquisition. Oracle will stay the course, a spokesman said last week.

"We believe time is on our side. Oracle remains committed to acquiring PeopleSoft - even with the addition of JD Edwards," the company said.

PeopleSoft this week reported earnings that met its raised expectations for second-quarter revenue and net income.  

Tom Krazit writes for IDG News Service

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