PeopleSoft Completes J.D. Edwards Acquisition

PLEASANTON, Calif. & DENVER--(BUSINESS WIRE)--PeopleSoft, Inc. (Nasdaq:PSFT) and J.D. Edwards & Company (Nasdaq:JDEC) today announced that PeopleSoft has purchased approximately 110 million shares, or 88% of the outstanding shares of J.D. Edwards pursuant to its exchange offer to acquire all of the outstanding shares of J.D. Edwards that expired at 12:00 midnight EDT, Thursday, July 17, 2003. PeopleSoft expects to acquire the remaining shares of J.D. Edwards before the end of August 2003. The companies also announced that Michael Maples, a member of J.D. Edwards' board of directors, was elected to the board of directors of PeopleSoft.

"Today marks an important milestone in the history of PeopleSoft," said PeopleSoft President and CEO Craig Conway. "The powerful combination of PeopleSoft and J.D. Edwards creates the second largest enterprise applications software company in the world. The combination expands not only our customer base, product offerings and markets, but also our talent. Our two companies share a high-performance, customer-focused culture and we look forward to welcoming our colleagues at J.D. Edwards to the PeopleSoft team."

"The combination of J.D. Edwards and PeopleSoft is the culmination of the J.D. Edwards strategic plan to create significant value for all of our stakeholders," said J.D. Edwards Chairman, President and CEO Bob Dutkowsky. "With the resources of the combined company, we will continue to make our customers stronger and solve their most pressing business problems. We're combining two extraordinary and highly complementary companies that together will set a new standard in serving the needs of enterprise application software customers."

The transaction is expected to be significantly accretive to PeopleSoft's 2004 earnings per share on an adjusted basis excluding amortization associated with acquired intangibles, the write-down of deferred revenue and other purchase accounting adjustments.

As previously announced, J.D. Edwards stockholders who tendered into the exchange offer will receive the value of $14.7384 in cash, PeopleSoft stock or a combination of cash and stock for each share of J.D. Edwards common stock. J.D. Edwards stockholders who did not tender their shares will receive $7.05 in cash plus 0.43 of a PeopleSoft common share for each J.D. Edwards share.

Payment for shares properly tendered and accepted will be made as promptly as practical and, in the case of shares tendered by guaranteed delivery procedures, promptly after delivery of shares and required documentation. PeopleSoft does not expect to determine preliminary proration factors until guaranteed deliveries have been completed and tenders have been checked for accuracy and completeness, a process that is expected to be completed by July 25, 2003.

PeopleSoft (Nasdaq: PSFT) is a leading provider of application software for the real-time enterprise. For more information, visit us at www.peoplesoft.com.

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