PeopleSoft Inc. agreed Monday to be acquired by Oracle Corp. after Larry Ellison’s company raised its unsolicited offer to $10.3 billion, or $26.50 a share, to end a bitter 18-month takeover battle.
Ultimately, the price to win over the board of PeopleSoft was 10 percent higher than what Oracle had previously called its “best and final” offer of $24 a share. When Oracle first launched the audacious proposal in June 2003, was bidding just $16 a share.
In early trading on Wall Street, PeopleSoft shares jumped 10 percent to $26.42 while shares of Oracle rose 6.9 percent to $14.19.
The deal marks a hard-won victory for Ellison, Oracle’s founder and chief executive, who has maintained that the business-software industry is overdue for consolidation.
For this complete story, please visit Oracle, PeopleSoft Reach $10.3 billion Merger Pact.
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