Oracle Chief Testifies in Trial on Hostile Bid for PeopleSoft
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Lawrence Ellison, the chief executive of the Oracle Corporation, said that he had had more discussions about lowering rather than raising his hostile bid for PeopleSoft.
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LOS ANGELES (CBS.MW) - Oracle&#39;s chief executive Larry Ellison on Friday said the company may be inclined to lower its $7.7 billion hostile offer for PeopleSoft, according to published reports.
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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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With Oracle&#39;s $9.2 billion tender offer for PeopleSoft set to expire Friday, David A. Duffield, PeopleSoft&#39;s chief executive, accused Oracle on Thursday of spreading
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The co-president of Oracle testified that her company was serious about its takeover offer for PeopleSoft and was not trying to scare off its customers.
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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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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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With 15,000 attendees at PeopleSoft&#39;s Connect user conference waiting to hear how the company would address Oracle&#39;s lingering hostile takeover bid, PeopleSoft chief executive Craig Conway tackled the issue early in his opening keynote.
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WILMINGTON, Del.  - Oracle Corp. ORCL.O Chief  Executive Larry Ellison said on Friday his company has talked  about revising its current $21-per-share offer to buy rival  PeopleSoft Inc. PSFT.O, although it has focused more on  lowering the bid instead of raising it.
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PeopleSoft's chief executive accused Oracle of spreading misleading information about his stock sales and threatened to sue for defamation.
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PeopleSoft CEO Craig Conway, who has spent 15 months fighting off Oracle's hostile takeover attempt, said his company is digging in for a battle it expects to last many more months.
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PeopleSoft CEO Craig Conway, who has spent 15 months fighting off Oracle&#39;s hostile takeover attempt, said his company is digging in for a battle it expects to last many more months.
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A company board member testifies in trial that a sale would be possible if Oracle ups its offer.
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NEW YORK - Soon after an Oracle Corp. director said Oracle's current $21 per share offer for control of PeopleSoft Inc. may not be its final bid, Oracle Chief Executive Officer (CEO) Larry Ellison countered that the company is as likely to lower its bid as to raise it.
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WILMINGTON: The former chief executive of PeopleSoft, who was fired last week, said he lied to Wall Street analysts last year about the impact of Oracle&#39;s hostile bid on the company&#39;s business.
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WILMINGTON, Del.  - The trial pitting software  giant Oracle Corp. against unwilling takeover target PeopleSoft  Inc. drew near a close on Friday as the last witness in the  case, a PeopleSoft board member, took the stand.
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Oracle charged that PeopleSoft&#39;s ousted chief executive, Craig A. Conway, lied to analysts in telling them that the Oracle takeover bid was no longer a factor in PeopleSoft&#39;s ability to write new business.