PeopleSoft Inc., Pleasanton, Calif., accepted a sweetened $26.50-per-share acquisition offer from Oracle Corp., Redwood City, Calif., ending an 18-month hostile takeover battle, according to a statement today from both companies. Oracle's all-cash bid of $10.3 billion was approved by the boards of directors of both companies. The companies expect the transaction to close in January.
Oracle is amending its current tender offer for all outstanding shares of PeopleSoft to expire Dec. 28, instead of Dec. 31.
As of Dec. 10, 120.6 million shares had been tendered and not withdrawn from the offer, according to an Oracle statement. As of the Nov. 19 deadline, 228.7 million, or almost 61% of the shares, had tendered.
All PeopleSoft shareholders will receive the $26.50 offer, said Steve Swasey, PeopleSoft spokesman.