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PeopleSoft Buying Rival For $1.6 Billion; Edwards Strong In Factories, Small Cos.; Complementary Businesses.(A)
Byline: J. BONASIA
In what's seen as a bold but risky plan, PeopleSoft Corp. agreed Monday to buy J.D. Edwards & Co. for $1.6 billion in stock.
Known for selling personnel software to large service firms, PeopleSoft looks to tap J.D. Edwards' manufacturing customers. The deal could also net PeopleSoft more small and midsize clients.
This merger could be the first in a wave of consolidations for the business applications sector, said Tad Piper, an analyst with U.S. Bancorp Piper Jaffray. He said the field needs a shakeout after wild growth in the 1990s.
Still, investors hardly applauded. PeopleSoft slid 1.42 to 14.97, a $454 million loss of market value, while J.D. Edwards rose 0.78 to 12.59, a gain of $98 million. Together, that's a fall of $356 million.
Mergers among large tech companies are notoriously hard to pull off, analysts note. And J.D. Edwards' sales and profit are expected to decline this year.
PeopleSoft, however, is confident the deal will add to its bottom line by 2004.
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