Hostile takeover? Oracle offers to buy PeopleSoft

Friday, June 6th 2003, 12:00 am
By: News On 6

(Redwood Shores, California-AP) -- There's a hostile takeover effort under way in the software industry.

Oracle is offering 5.1 billion dollars to purchase PeopleSoft.

Oracle is the world's largest enterprise software company. Its offer is worth 16 dollars a share for PeopleSoft, which creates business software programs. PeopleSoft shares closed yesterday at 15 dollars, eleven cents apiece.

On Monday, PeopleSoft said it was buying rival JD Edwards in a 1.5 billion-dollar stock swap. Oracle says once its acquisition of PeopleSoft is complete, it will review that transaction.