PeopleSoft finishes up JD Edwards buy

PeopleSoft has bought the rest of the outstanding shares, not already tendered in its acquisition of J.D. Edwards, according to the company.

The software maker had already purchased about 105 million J.D. Edwards shares of common stock on 17 July.

J.D. Edwards shareholders will get US$7.05 in cash plus 0.43 percent of a PeopleSoft common stock share for each J.D. Edwards share.

'Over the last month we have moved rapidly to integrate the two companies,' said PeopleSoft CEO Craig Conway in a prepared statement. 'During that time, customer response has been outstanding and employees have been energised. I am more confident than ever that this combination will result in enhanced value for shareholders.'

Meanwhile, Oracle continues in its US$7.2 billion quest to buy J.D. Edwards. The company will take to the phones and Web again this week to persuade PeopleSoft customers that Oracle's US$19.50-per-share cash bid is in their best interests.

The call this Wednesday will be hosted by Oracle executive vice presidents Chuck Phillips and Mike Rocha.

PeopleSoft has been fighting Oracle's bid tooth and nail since it was announced in early June. PeopleSoft executives have charged that Oracle's true intentions were to hurt PeopleSoft's business and disrupt the J.D. Edwards buyout.

PeopleSoft maintains that internal Oracle emails, under court seal until recently, back up its contentions. Oracle has denied that, saying the email messages were taken out of context.

The two companies are locked in suits and countersuits over the hostile takeover attempt. Oracle has extended its PeopleSoft offer twice now. The current tender offer extends until midnight eastern time 19 September.