PeopleSoft wraps up Edwards deal

PeopleSoft Inc. completed its acquisition of J.D. Edwards & Co. after buying 88 percent of the outstanding shares of the enterprise software company.

The deal's rapid close came weeks after Oracle Corp. launched what evolved into a hostile, litigious bid for PeopleSoft, an application software maker.

PeopleSoft paid $14.73 in cash, stock or a combination of both for each share of Edwards common stock. It said it hopes to close deals for other outstanding shares by the end of August.

But Oracle vowed to press ahead with its bid for PeopleSoft. Both vendors' software is widely used at major corporations and federal agencies.

Oracle's latest $19.50-a-share cash offer for PeopleSoft is $3.50 more than its first offer June 6.