PeopleSoft Softens Opposition to Oracle Merger
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There was a twist in Oracle&#39;s hostile takeover bid for PeopleSoft earlier this week when a PeopleSoft director testified in court that he would be open to discussions about a merger.
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As Oracle Corp. pushes forward with its hostile bid to acquire rival enterprise software maker PeopleSoft Inc. for $7.7 billion, it is also sizing up further acquisition
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Oracle Corp. raised its takeover offer for PeopleSoft Inc. by 14 percent to $8.8 billion, increasing the pressure on the smaller software company to give up its 17-month fight against the bid.
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News that PeopleSoft had abruptly changed leadership, coupled with an announcement that the US Department of Justice would not appeal a federal court decsion that would allow Oracle to pursue a hostile takeover bid, drove prices of PeopleSoft shares up 15
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After more than a year of trying, Oracle officials have convinced PeopleSoft&#39;s board members to accept a deal to merge the two companies.
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Business software maker  PeopleSoft Inc. on Saturday said its board again rejected  Oracle Corp.'s $9.2 billion tender offer, remaining defiant a  day after most of its shares were tendered to Oracle.
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PeopleSoft Inc. (PSFT.O: Quote, Profile, Research) , which is trying to fight off a hostile takeover by rival Oracle Corp. (ORCL.O: Quote, Profile, Research) , on Friday said its board
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Oracle is one step closer to taking over rival PeopleSoft now that a federal judge has ruled against the federal government's effort to thwart the &#36;7.7 billion hostile bid over antitrust concerns, a decision that could spark a rash of tech-sector acquisition attempts.
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PeopleSoft Inc., which is fighting a hostile takeover bid from Oracle Corp., on Tuesday announced an alliance with IBM that may help ease the worries of potential customers.
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The judge presiding over the U.S. Department of Justice's (DOJ) attempt to block Oracle Corp.'s proposed takeover of rival software maker PeopleSoft Inc. ruled in Oracle's favor on Thursday, removing one obstacle preventing the hostile acquisition.  The decision means Oracle's fifteen-month campaign to buy PeopleSoft through a $7.7 billion cash tender offer to PeopleSoft's shareholders will continue.  "Because plaintiffs have not shown by a preponderance of the evidence that the merger of Oracle and PeopleSoft is likely substantially to lessen competition in a relevant product and geographic market ... the court directs the entry of judgment against plaintiffs and in favor of defendant Oracle," U.S. District Court for the Northern District of California Judge Vaughn Walker wrote in his ruling.  The decision is a setback for PeopleSoft and a significant blow to the DOJ, but it's far from a green light for Oracle. From the start, the biggest obstacle to the deal has been PeopleSoft's "poison pill," an anti-takeover provision in its bylaws that allows it to manipulate its shares to make a hostile acquisition prohibitively expensive. Oracle is challenging the legality of PeopleSoft's poison pill; trial on that case is scheduled to commence Sept. 27 in Delaware's Court of Chancery.  Oracle in a first reaction to the ruling said that it removes a significant roadblock to the acquisition. "This decision puts the onus squarely on the board of PeopleSoft to meet with us and to redeem their poison pill so that the shareholders can accept our offer," Oracle Chairman Jeffrey Henley said in a statement.  However, Oracle also has to convince PeopleSoft's shareholders to take advantage of its buyout offer. The company is offering $21 per share. So far, only 21.7 million of PeopleSoft's shares, 6 percent of the company's outstanding total, had been tendered into Oracle's offer as of Aug 27. That percentage may rise with the DOJ's defeat, as shareholders anticipate a better chance Oracle's bid will be successful.  PeopleSoft's shares (PSFT) ended trading Thursday on the Nasdaq exchange at $17.95. The shares bounced up 15.26 percent in after-hours trading to $20.69.  Oracle and PeopleSoft also remain locked in another legal battle in California's Alameda County Superior Court, where PeopleSoft has charged Oracle with unfair business practices. Oracle countered with a complaint accusing PeopleSoft of illegally refusing to seriously evaluate Oracle's bid, and of improperly creating a "customer assurance program" that could make an Oracle acquisition of PeopleSoft very costly if Oracle. The case is schedule for trial in November.
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PeopleSoft Inc.&#39;s board of directors unanimously rejected Oracle Corp.&#39;s takeover offer Saturday, Nov. 20, only hours after PeopleSoft stockholders tendered a majority of their shares in favor of the deal.
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While it has rejected each of Oracle Corp.'s takeover offers today, PeopleSoft's board of directors is willing to talk about a deal at the right price, a member of the company's board said today.
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Just as lawyers are preparing to defend Oracle's hostile bid to acquire PeopleSoft, Oracle reduced its all-cash offer for the company from $26 to $21 per share.
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PeopleSoft Inc.&#39;s board of directors said Saturday it will not accept Oracle Corp.&#39;s bid to buy the company for $24 per share, even after 61 percent of the Pleasanton firm&#39;s investors endorsed the offer.
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PeopleSoft Inc. Chief Executive David Duffield resisted pressure to open talks with Oracle Corp. after shareholders voted to support Oracle&#39;s $8.8 billion takeover bid.
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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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PeopleSoft Inc.'s board of directors said it rejected Oracle Corp.'s $9.2 billion takeover bid Saturday, continuing its staunch resistance a day after the company's own shareholders tendered more than 60 percent of stock to Oracle.