The PeopleSoft, Oracle saga
p2pnet.net News:- internetnews.com calls Oracle’s hostile take-over of the PeopleSoft a Soap Opera.
And that’s certainly the way it appears.
Oracle desperately wants to own PeopleSoft. But in September, the PeopleSoft board, “unanimously recommended stockholders reject Oracle’s unsolicited offer to acquire PeopleSoft”.
The latter has, however, now has made what it says is its “final offer” is $24 per share, worth an estimated $9.2 billion.
“We believe it is time to bring this matter to a close, for the good of PeopleSoft’s shareholders, customers, and employees,” the company says in a letter quoted in The Street.
“We are prepared to complete and pay for the acquisition of all outstanding shares of PeopleSoft upon satisfaction of the remaining conditions, which are all in your control. We are available to meet at your convenience.”
Oracle also wants PeopleSoft to drop its so-called “poison pill” and customer rebate provisions, both anti-takeover measures, says internetnews.com, continuing:
“That issue is still before a Delaware Chancery court. If the battle for control of PeopleSoft stretches into next year, PeopleSoft still has a $1 billion lawsuit against Oracle pending. The case is expected to start on January 10.”
PeopleSoft director of corporate public relations told internetnews.com that the company wouldn’t be making any comments at this time but would be responding to Oracle’s requests “in due course.”
===================
See:-
unanimously recommended - Oracle vs PeopleSoft, p2pnet, September 10, 2004
upon satisfaction - Oracle Claims Its Mandate, The Street, November 20, 2004
due course - PeopleSoft Soap Opera Still Alive, internetnews.com, November 20, 2004
