Edwards joins PeopleSoft
- By Michael Hardy
- Jul 18, 2003
Officials from PeopleSoft Inc. today said the company has acquired 88 percent of J.D. Edwards and Co.'s stock, effectively completing its acquisition of the smaller enterprise software company.
The deal could complicate Oracle Corp.'s hostile takeover bid for PeopleSoft. However, Oracle "remains committed to acquiring PeopleSoft," said Oracle spokesman Jim Finn in a statement responding to PeopleSoft's announcement.
The two companies have been struggling since early June. Oracle, best known for its database products, would eliminate one of only two major competitors it has in the enterprise information technology market if it could take over PeopleSoft. PeopleSoft's board has twice recommended its shareholders reject the offer.
Earlier this week, Oracle hosted a "town meeting" via conference call for nervous PeopleSoft customers. Oracle Vice President Chuck Phillips used the opportunity to reiterate the company's promise to support PeopleSoft's current products for the next 10 years.
"Existing customers shouldn't really be concerned," Phillips said. "It's very unusual in software to find a company that will make a 10-year commitment to any product."