With Takeover Completed, Oracle Sends Layoff Notices
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One week after completing its takeover of PeopleSoft, Oracle began sending layoff notices to some of the 11,700 employees working at its former rival.
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Oracle Corp. has taken control of PeopleSoft Inc. , ending an 18-month fight and making Oracle the world's number two maker of business management software.
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Oracle Corp. said on Wednesday it has  taken control of PeopleSoft Inc., now that about 75 percent of  PeopleSoft's shareholders have tendered their shares.
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Oracle will eliminate about 5,000 jobs following its $10.3 billion acquisition of PeopleSoft, the company said Friday.ADVERTISEMENTWhite paper: Solutions to Address IT Control RequirementsLearn how BMC Software Solutions address requirements such as the Sarbanes-Oxley Section 404 in this 20 page whitepaper!
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Software giant Oracle has finally taken control of rival PeopleSoft after an 18-month takeover battle. Wednesday, Oracle said that 75% of PeopleSoft shareholders have tendered their shares. That officially puts Oracle in charge, moving it one step closer to closing the contentious &#36;10.3 billion deal.
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PeopleSoft Inc. capitulated to Oracle Corp., accepting a sweetened $10.3 billion takeover offer to end an 18-month battle that pitted PeopleSoft against its investors and led to the ouster of its chief executive.
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The company says the lay-offs are part of an ongoing overhaul of its services unit.
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Oracle, the American corporate software giant, has admitted it is feeling the pressure of its protracted takeover battle for PeopleSoft, saying that it was worried that valuable staff were starting to leave its acquisition target.
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The Oracle-PeopleSoft takeover battle may have finally entered its endgame, with Oracle Corp upping its bid and for the first time imposing a deadline for PeopleSoft Inc shareholders to accept it.
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SAN FRANCISCO/NEW YORK: Oracle said on Wednesday it has taken control of PeopleSoft, now that about 75% of shareholders of the rival software maker have tendered their shares.
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The abrupt ouster of CEO Craig Conway comes after 15 months of battle against a hostile takeover bid by Oracle.
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Oracle Corp. finally scooped up rival PeopleSoft Inc. after 18 months of legal and verbal strife, ending a nasty feud with a $10.3 billion deal that promises to shake up the business software industry.
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Company send a notice to employees saying its business user organization will move over to Business Objects, a company it's acquiring as part of a $6.8 billion deal.
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Business software group Oracle Corp. announced that it had taken control of rival PeopleSoft by grabbing 75 percent of its stock, ending a rancorous 18-month struggle.
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Software giant Oracle has finally taken control of rival PeopleSoft after an 18-month takeover battle. Wednesday, Oracle said that 75% of PeopleSoft shareholders have tendered their shares.
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As OracleÂ digests its PeopleSoftÂ purchase and prepares to officially launch its combined operations next week, the company is in the process of a mass layoff expected to cut thousands of jobs.
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Oracle has officially taken control of PeopleSoft Inc. after purchasing the 75% of PeopleSoft stock tendered by the application vendor&#39;s shareholders, Oracle disclosed early Wednesday.