Oracle, PeopleSoft in court over poison-pill defense
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NEW YORK, November 24  - Oracle Corporation (ORCL.NAS) is seeking a court order to remove PeopleSoft&#39;s (PSFT) anti-takeover defenses, after 61% of PeopleSoft&#39;s shareholders tendered their shares last week in support of Oracle&#39;s takeover
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Oracle Corp. on Monday said it asked Peoplesoft Inc.&#39;s board of directors to rescind an anti-takeover provision, two days after a majority of PeopleSoft shareholders tendered their
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Oracle Corp. on Monday said it asked  Peoplesoft Inc.'s board of directors to immediately rescind a  "poison pill" anti-takeover provision, two days after 61  percent of PeopleSoft shareholders tendered their stock in  favor of Oracle's $24-a-share hostile offer.
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The two companies are waiting for a hearing in Delaware next week when a judge will hear evidence from PeopleSoft regarding why its board rejected Oracle&#39;s latest bid of $24 a share.
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About $10.3 billion, not to put too fine a point on it. Rather than swallowing the &quot;poison pill&quot; planned for hostile takeover bids, though, Oracle agreed to come up in its bid for PeopleSoft--$26.50 per share instead of $24 per share.
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CEO Craig Conway&#39;s over-enthusiastic statements about the effect Oracle Corp&#39;s hostile takeover bid was having on PeopleSoft Inc&#39;s business contributed in part to his downfall, it was suggested in court yesterday.
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SAN FRANCISCO/NEW YORK  - Oracle Corp.'s ORCL.O  hostile bid for rival PeopleSoft Corp.PSFT.O was strengthened  on Friday as U.S. antitrust regulators dropped their case  against the merger and PeopleSoft fired its chief executive,  Craig Conway, who had led the fight against Oracle.
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Although Oracle still faces obstacles in its $7.7 billion hostile takeover bid, analysts said yesterday's court rejection of the U.S. Department of Justice's attempt to block the deal on antitrust grounds is a blow for PeopleSoft.
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It&#39;s the little victories... As Oracle (nasdaq: ORCL - news - people ) awaits the resumption of its court battle with takeover target PeopleSoft (nasdaq: PSFT - news - people ), two of the software giant&#39;s
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Software maker PeopleSoft is girding itself for a proxy battle as part of its 17-month takeover battle with Oracle, indicating it fears its shareholders are tempted to sell to its rival.
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The second and final week of a Delaware court trial relating to Oracle Corp.'s hostile takeover bid for PeopleSoft Inc. turned into an extended negotiating session between the two sides. Oracle executives criticized PeopleSoft's business in an apparent attempt to drive down PeopleSoft's selling price, while PeopleSoft rewrote for the sixth time the controversial "customer assurance program" (CAP) that could significantly increase Oracle's acquisition costs.
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As PeopleSoft Inc. and Oracle Corp. continue dragging each other into courtrooms across the country, the trials are bringing to light reams of internal documents and discussions usually hidden from public view. Highlights so far from this week's case in Delaware's Chancery Court include:
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The second and final week of a Delaware court trial relating to Oracle Corp.'s hostile takeover bid for PeopleSoft Inc. turned into an extended negotiating session between the two sides. Oracle executives criticized PeopleSoft's business in an apparent attempt to drive down PeopleSoft's selling price, while PeopleSoft rewrote for the sixth time the controversial "customer assurance program" (CAP) that could significantly increase Oracle's acquisition costs.ADVERTISEMENTSBC Case Study: Crate & BarrelWhat sold them on improving their network? A system that could cut management costs from the get-go. Find out more.
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Oracle argued in court today that ousted chief executive Craig Conway lied about the effect of Oracle's acquisition bid on PeopleSoft's ability to recruit customers.
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Oracle Corp.&#39;s epic quest to acquire PeopleSoft Inc. intensified Tuesday when the two warring companies said major institutional investors are taking sides in the battle.
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Following its latest rejection, the next stage in Oracle&#39;s battle to buy PeopleSoft is set to begin in a courtroom on Wednesday.
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Fresh off his abrupt firing as PeopleSoft Inc.'s chief executive, an uncharacteristically subdued Craig Conway came to court Wednesday to defend his caustic counterattacks against Oracle Corp.'s &#36;7.7 billion takeover bid.