REDWOOD SHORES, Calif., January 7, 2005 – Yesterday Oracle Corporation announced that it will complete its acquisition of PeopleSoft, Inc. today and is moving ahead quickly with the integration of the two companies.
Oracle's subsequent offering period under its tender offer to purchase all of the outstanding shares of PeopleSoft, Inc. (NASDAQ: PSFT) expired at 8 pm New York City time on January 6, 2005. Including those shares tendered in the initial offering period, PeopleSoft stockholders have now tendered approximately 388,679,045 shares or more than 97 percent of PeopleSoft's outstanding stock. Oracle has accepted for payment all shares tendered in the offer.
The merger will occur today, January 7. All remaining outstanding PeopleSoft shares, other than those held by stockholders who properly perfect appraisal rights under Delaware law, will be converted in the merger into the right to receive $26.50 per share in cash. Following the merger, PeopleSoft will be a wholly-owned subsidiary of Oracle.
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