Oracle Offers to Buy PeopleSoft for $5.1 Billion
June 6, 2003[From internetnews.com]
Database giant Oracle (Quote, Company Info) said it has offered to purchase all outstanding shares of enterprise application company PeopleSoft (Quote, Company Info) in a cash deal valued at about $5.1 billion.
On Friday, Oracle said it is offering $16 per share for the company as part of its announcement that it would meet or exceed consensus earnings estimates for the fiscal fourth quarter. PeopleSoft was not avilable for comment as of press time.
Jeff Henley, Oracle Executive Vice President and CFO, said on a conference call that Oracle expects a smooth, seamless transition because it will not be integrating PeopleSoft's software into its own portfolio. Instead, he said developers will keep PeopleSoft products current and make its easy for users to upgrade from PeopleSoft 7 or 8 to Oracle's eBusiness Suite.
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