PeopleSoft Buys Remaining J.D. Edwards Shares

PSFT's Conway says the two companies have moved rapidly to integrate, sees Oracle bid as "over"

PSFT's Conway says the two companies have moved rapidly to integrate, sees Oracle bid as "over"

Pleasanton, CA  August 29, 2003  PeopleSoft today announced that, following its July 18 acquisition of J.D. Edwards & Company, it has purchased all remaining shares not tendered in PeopleSoft's exchange offer.

PeopleSoft initially purchased approximately 105 million of J.D. Edwards outstanding shares through PeopleSoft's exchange offer for J.D. Edwards common stock on July 17. PeopleSoft said it will pay $7.05 in cash, plus 0.43 of a share of PeopleSoft common stock, for each remaining J.D. Edwards share. Any fractional shares are to be paid in cash.

"Over the last month we have moved rapidly to integrate the two companies," said PeopleSoft President and CEO Craig Conway in a company statement. "I am more confident than ever that this combination will result in enhanced value for shareholders."

After PeopleSoft announced plans to acquire J.D. Edwards earlier this year, rival software maker Oracle launched a $5.1 billion (later raised to $7.3 billion) hostile bid to take over PeopleSoft. A flurry of pending lawsuits followed, and the U.S. Department of Justice initiated an ongoing antitrust review of Oracle's bid.

Conway said earlier this week in an interview on CNet News.com that he believes Oracle's takeover attempt "is over." Nevertheless, Oracle has yet to withdraw its offer for PeopleSoft and in fact has extended its bid three times as the lawsuits and DoJ review have dragged the process through the summer.