Oracle to Buy PeopleSoft for $10.3 Billion

It's an early Christmas for Oracle Corp.—and PeopleSoft Inc. shareholders. The two companies announced early Monday morning a definitive merger agreement whereby Oracle will acquire PeopleSoft for $26.50 per share, or $10.3 billion. The final buying price is $2.50 per share, or about $1.2 billion over Oracle's "best and final offer" from last month.

Oracle's latest offer expires December 28, at midnight. Oracle had set a previous tender offer deadline of Nov. 19 for at least 50 percent of PeopleSoft shareholders to tender their shares at $24 per share. By midnight on the 19th, 61 percent of PeopleSoft's shareholders had tendered their shares. Today's agreement ends a 19-month-long bitter battle for PeopleSoft to remain independent. During that time Oracle submitted nearly a half dozen tender offers; each was succinctly and unanimously declined by PeopleSoft's board of directors.

News source: eWeek

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