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Technology Stocks : PSFT - 1999: The "Make-It-or-Break-It" Year? -- Ignore unavailable to you. Want to Upgrade?

To: carranza2 who wrote (1246)	8/29/2003 7:54:22 PM
From: SemiBull	Read Replies (2) \| Respond to of 1274

PeopleSoft Purchases All Remaining Shares Of J.D. Edwards Friday August 29, 9:18 am ET PLEASANTON, Calif. -(Dow Jones)- PeopleSoft Inc. (NasdaqNM:PSFT - News) purchased all remaining shares of J.D. Edwards & Co., completing a $1.8 billion, two-part acquisition announced in mid July. In a press release Friday, PeopleSoft said each J.D. Edwards share will fetch $7.05 and 0.43 Peoplesoft shares. When the deal was announced, about 87% of J.D. Edwards' outstanding stock had been tendered to PeopleSoft. As part of the acquisition, PeopleSoft issued 52 million new shares in mid July, which then had the effect of raising the total cost of Oracle Corp.'s outstanding bid for the business software systems company by about $1 billion, to $7.3 billion. Since then, PeopleSoft has taken Oracle to court, alleging the competitor's hostile takeover bid was designed to hurt its share price and improve the appearance of its initial $16-a-share offer. On Wednesday, PeopleSoft released e-mail sent amongst Oracle employees that suggests they were aware of the bid's potential harm to PeopleSoft's business. "We've certainly wounded PSFT," one Oracle employee wrote the day after the bid was announced in June, referring to PeopleSoft's stock symbol. "Even if we don't end up closing the deal, this is going to take PSFT time to recover." Oracle ultimately raised its bid to $19.50 per share. PeopleSoft recently traded on Nasdaq at $17.98, up 28 cents, or 1.6%, on composite volume of about 3.1 million shares. Average daily volume is about 11.6 million shares. -Andrew Wallmeyer; Dow Jones Newswires; 201-938-5400