PLEASANTON, Calif. (AP) — Business software maker PeopleSoft Inc. on Friday announced the completion of its $1.8 billion acquisition of rival J.D. Edwards by buying the few remaining shares that it didn't already own.
The move was a formality — Pleasanton-based PeopleSoft took control of Denver-based J.D. Edwards on July 18 after accumulating an 88 percent stake in the company.
The takeover creates the world's second-largest maker of business applications software behind industry leader SAP of Germany. Redwood Shores-based Oracle Corp. is trying to seize the No. 2 position by buying PeopleSoft in a $7.5 billion hostile takeover.
PeopleSoft has spurned Oracle's $19.50-per-share cash offer, but the unwelcome suitor has refused to abandon its pursuit.