PeopleSoft Takes Control of J.D. Edwards
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PeopleSoft Inc. said it had taken control of J.D. Edwards & Co., making a hostile acquisition of PeopleSoft by Oracle Corp. potentially much more difficult.
PeopleSoft said it purchased about 88% of J.D. Edwards’ shares outstanding and expected to buy the rest of the company by the end of August.
The company also said J.D. Edwards Director Michael Maples was elected to PeopleSoft’s board, bringing its membership to eight.
Despite the setback, an Oracle spokesman said his company would not back down.
J.D. Edwards’ stock rose 5 cents to $14.75 on Nasdaq. PeopleSoft shares were up 10 cents at $18, while Oracle was down a little over a cent at $12.07.
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