Oracle takes control of PeopleSoft -- finally
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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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Oracle Corp. (ORCL.O: Quote, Profile, Research) has replaced PeopleSoft Inc.&#39;s (PSFT.O: Quote, Profile, Research) co-presidents, after taking control of the rival software maker earlier this week, according to a regulatory filing.
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Oracle Corp. (ORCL.O: Quote, Profile, Research) said on Wednesday it has taken control of PeopleSoft Inc. (PSFT.O: Quote, Profile, Research) , now that about 75 percent of PeopleSoft&#39;s shareholders have tendered their shares.
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Yesterday, Oracle said 75 percent of PeopleSoft shareholders tendered their shares. That officially puts Oracle in charge, moving it closer to closing the contentious $10.3 billion deal.
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Eighteen months, three weeks and two days after launching its hostile takeover bid for PeopleSoft, Oracle finally took control of its software rival early on Wednesday.
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Finally! After 18 months, PeopleSoft Inc. has agreed to be acquired by Oracle Corp. for $26.50 a share in cash, or around $10.3 billion, after rebuffing several offers and being taken to court for instituting a controversial takeover defense.
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Business software giant Oracle announced Monday that it has signed a definitive agreement to acquire rival PeopleSoft after sweetening its offer by 10% to approximately &#36;10.3 billion.
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Oracle Corp.&#39;s 18-month struggle to gain control of PeopleSoft Inc. drew to a close this morning when PeopleSoft&#39;s board agreed to a new $10.3 billion takeover offer.
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Software maker PeopleSoft Inc. announced Monday that it had agreed to be acquired by Oracle Corp. in a $10.3 billion deal, ending one of the longest, nastiest takeover battles in recent corporate history. -The Washington Post
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Oracle Corp. said on Wednesday it has taken control of PeopleSoft Inc., now that about 75 percent of shareholders of the rival software maker have tendered their shares.
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The European Commission approved Oracle&#39;s proposed $7.7 billion hostile takeover of rival software company PeopleSoft on Tuesday, knocking down the last competition hurdle to the deal.
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Oracle has signed a definitive agreement to acquire PeopleSoftÂ for $26.50 per share, or approximately $10.3 billion, the companies said Monday, ending an acrimonious takeover battle that has lasted for more than 18 months.
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Oracle Corp., the world&#39;s second-largest software firm, made what it called its last and best offer for rival PeopleSoft Inc. on Monday in a takeover battle that has now raged for almost a year and a half.
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The Oracle Corporation announced early yesterday that it would acquire PeopleSoft for $10.3 billion, ending a bitter takeover fight that had lasted more than 18 months.
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WASHINGTON, NOV 20 : After a bitter 18-month battle Oracle Corporation has succeeded in taking control of more than 60% of outstanding shares of rival business software group PeopleSoft, but obstacles to the hostile takeover remain.
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Oracle (Nasdaq: ORCL) finally has won control of PeopleSoft (Nasdaq: PSFT) after an 18-month takeover battle, making the Redwood Shores, California-based company the world's second-largest vendor of business management applications software.
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Oracle finally clinched its bid to scoop up PeopleSoft on Monday, saying it had agreed to purchase the rival business software group for $26.50 a share or $10.3bn.