PeopleSoft Wins U.S. Clearance For J.D. Edwards Takeover

By Agence France-Presse Business software company PeopleSoft Inc. announced July 14 it had won early clearance from the U.S. government to buy its smaller rival J.D. Edwards & Co. The Department of Justice decided to terminate the waiting period required under antitrust legislation for the $1.75 billion deal, Pleasanton, Calif.-based PeopleSoft said in a statement. "The Department of Justice's decision to grant early termination is great news," said PeopleSoft President and CEO Craig Conway. "This is a very important milestone and clears the way for the J.D. Edwards acquisition to be completed." It was not immediately clear how the decision would affect Oracle Corp.'s $6.3 billion hostile takeover bid for PeopleSoft, which runs to midnight, July 18. The Redwood Shores, Calif.-based Oracle bid for PeopleSoft had already taken hit when the Justice Department announced June 30 it was extending an antitrust review of the proposed takeover. Copyright Agence France-Presse, 2003