Oracle Corp. early Wednesday declared that it had won control of PeopleSoft Inc. after stockholders tendered about 75 percent of the outstanding shares of the Pleasanton, Calif., producer of enterprise application software.
Oracle made the announcement after the initial offering period for Oracle's $26.50 tender offer for all PeopleSoft shares expired at midnight EST Tuesday. During this period Oracle accepted for payment nearly 300 million PeopleSoft shares.
As proof that the company has assumed control, Oracle has designated four representatives to join the PeopleSoft board of directors to give it a majority of board votes.
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