Oracle buys PeopleSoft for $10 billion

pr0digal jenius · Dec 13, 2004, 08:38 PM

PeopleSoft's board of directors has approved a takeover deal with Oracle worth around $10.3 billion, ending a long-running and bitter battle and creating a major software maker.

Oracle had been scheduled to appear in court Monday for a hearing on PeopleSoft's "poison pill" antitakeover defense. The lawsuit was one of several that had been filed in the course of the hostile takeover bid.

Instead, Oracle announced Monday that PeopleSoft's board had agreed to a deal valuing PeopleSoft at $26.50 per share, higher than Oracle's "final bid" of $24, and a roughly 10 percent premium over PeopleSoft's closing price Friday.

"Their maintenance revenue was higher than we thought and their expense number was lower than we thought. It showed their maintenance business was more profitable than we thought," Larry Ellison, Oracle's chief executive, said in a conference call early Monday with analysts.
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Source/Read More: C|Net

Dec 13, 2004, 08:38 PM	#1
pr0digal jenius Delete Me Join Date: Mar 2004 Posts: 14,648 Rep Power: 0	Oracle buys PeopleSoft for $10 billion PeopleSoft's board of directors has approved a takeover deal with Oracle worth around $10.3 billion, ending a long-running and bitter battle and creating a major software maker. Oracle had been scheduled to appear in court Monday for a hearing on PeopleSoft's "poison pill" antitakeover defense. The lawsuit was one of several that had been filed in the course of the hostile takeover bid. Instead, Oracle announced Monday that PeopleSoft's board had agreed to a deal valuing PeopleSoft at $26.50 per share, higher than Oracle's "final bid" of $24, and a roughly 10 percent premium over PeopleSoft's closing price Friday. "Their maintenance revenue was higher than we thought and their expense number was lower than we thought. It showed their maintenance business was more profitable than we thought," Larry Ellison, Oracle's chief executive, said in a conference call early Monday with analysts. _________________ Source/Read More: C\|Net