Oracle is taking the final steps to complete its acquisition of PeopleSoft Inc. Friday after its tender offer for PeopleSoft shares expired Thursday night.

Oracle acquired more than 97% of PeopleSoft shares by the time its $26.50-per-share tender offer expired at 8 p.m. EST Thursday. Having more than 90% of PeopleSoft's outstanding shares means that Oracle can execute an expedited takeover of the company under Delaware law. PeopleSoft stockholders have tendered a total of 388,679,045 shares.

Oracle accepted all shares for payment at $26.50 per share, as offered. In some cases, an acquiring company halts share purchases when it knows it is within the legal requirement of 90% ownership. PeopleSoft itself paid less for the remaining shares of J.D. Edwards & Co. than its tender offer price once it had acquired more than 90% of the stock, according to J.D. Edwards press statements at the conclusion of that merger.

Oracle indicated that the remaining 3% of outstanding PeopleSoft shares also would be converted to the right to receive $26.50 per share in cash.

As of Friday, PeopleSoft will operate as a wholly owned subsidiary of Oracle, according to an Oracle statement. It says it plans to "move ahead quickly with the integration of the two companies."