Oracle Takes Over, PeopleSoft CEO Steps Down
One day after PeopleSoft Chief Executive Dave Duffield resigned, Oracle announced that it has taken control of its rival, as 75 percent of PeopleSoft shareholders have tendered their shares.
|Accounts Payable||General Accounting Department|
|Accounts Receivable||General Ledger|
|Credit & Collections||Payroll|
|Fixed Assets||Shipping & Receiving|
The announcement caps a takeover war that lasted a year and a half and featured court battles, terse exchanges in the media and repeated rejections of Oracle's buyout offers. The PeopleSoft board finally agreed to the $10.3 billion offer earlier this month, prompting Duffield to e-mail staffers, apologizing for not keeping the company independent, according to InformationWeek.
Reuters reported that the initial tender offer expired on Tuesday, with another offering period set to expire on Jan. 4. The consolidation of the two companies is expected to be complete in early January.
Oracle originally planned to drop PeopleSoft's business software products, but will instead improve existing brands and develop new ones.
Duffield, who helped found PeopleSoft in 1987 and was its original chairman, departed less than three months after retaking the CEO job following Craig Conway's ouster for his handling of the takeover bid.