Oracle has purchased more than 97% of PeopleSoft's stock, and the application vendor is now a wholly owned Oracle subsidiary.
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."
Building A Mobile Business MindsetAmong 688 respondents, 46% have deployed mobile apps, with an additional 24% planning to in the next year. Soon all apps will look like mobile apps – and it's past time for those with no plans to get cracking.