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December 30, 2004

Oracle takes control of PeopleSoft Inc


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Oracle Corp has announced control of PeopleSoft Inc. now that 75 percent of PeopleSoft's shareholders tendered their shares. This news comes a day after PeopleSoft Chief Executive and Chairman Dave Duffield resigned from the company he helped found in 1987.

PeopleSoft's board earlier this month agreed to a $10.3 billion buyout by Oracle, ending an 18-month fight and making Oracle the world's second-largest maker of business-management software. Oracle has appointed four people to PeopleSoft's board, giving it a majority.

Reuters reports the initial period for the tender offer expired on Tuesday, while a subsequent offering period expires on Jan. 4, Oracle said in a statement. The deal is expected to close in early January.

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