PeopleSoft board gives thumbs down to Oracle's offer
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InfoWorld - PeopleSoft's Board of Directors voted Wednesday to recommend that its stockholders reject Oracle's takeover offer of &#36;24 per share. Oracle CEO Larry Ellison quickly responded, saying the offer is final and that it is now up to PeopleSoft's shareholders to make a determination.
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To probably no one&#39;s surprise, the PeopleSoft board again has rejected Oracle&#39;s $9.2 billion bid for the company as insufficient.
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After 18 months of bickering, litigation, executive shuffling, antitrust rulings, and revised offers from Oracle, the PeopleSoft Board finally decided to accept Oracle&#39;s most recent offer of $26.50 per share.
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Pleasanton based Peoplesoft says its board remains convinced that Oracleâs $24 a share bid is inadequate and the board says it will not sell the company for less than itâs worth.
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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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Reflecting the uncertainty that has always swirled around Oracle's hostile bid for control of PeopleSoft, two major PeopleSoft shareholders have reached opposite conclusions about how to cast their votes on Oracle's buyout offer.
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&quot;We believe that Oracle has nominated this slate to allow Oracle to purchase PeopleSoft for an inadequate price that does not reflect the Company&#39;s real value,&quot; PeopleSoft said in a statement.
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Today's announcement of Oracle's $10.3 billion buyout of PeopleSoft Inc. isn't drawing rave reviews from the installed based of customers about to be acquired in the deal.
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PeopleSoft&#39;s board ousted Craig Conway as CEO after he made a misleading statement about the company&#39;s ability to recruit customers while fending off Oracle&#39;s $7.
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Oracle Corp. Chief Executive Officer Larry Ellison said Friday his company is considering lowering its $21-per-share offer for PeopleSoft Inc.
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PeopleSoft&#39;s (PSFT) board Wednesday rejected Oracle&#39;s (ORCL) &quot;best and final&quot; hostile takeover bid worth about $8.
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PHILADELPHIA/SAN FRANCISCO  - Two major PeopleSoft  Inc.PSFT.O shareholders on Tuesday indicated they would split  their votes on whether to accept Oracle Corp's ORCL.O $8.8  billion hostile takeover bid.
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Oracle Corp. on Monday said it  asked Peoplesoft Inc.'s board of directors to rescind an  anti-takeover provision, two days after a majority of  PeopleSoft shareholders tendered their stock in favor of  Oracle's $9.2 billion hostile offer.
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Business software maker PeopleSoft Inc. on Saturday said its board again rejected Oracle Corp.'s &#36;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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PHILADELPHIA/SAN FRANCISCO  - PeopleSoft Inc.'s  PSFT.O board  on Wednesday again unanimously rejected Oracle  Corp.'s ORCL.O $8.8-billion hostile tender offer, leaving  Oracle to appeal directly to PeopleSoft shareholders to decide  on the bid for themselves.
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Lawrence Ellison, Oracle's chief executive, said the company could lower the $21-a-share bid Oracle is offering for rival PeopleSoft.