Oracle Ruling May Embolden Dealmakers
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A federal judge may have sent a gift  to all merger-minded U.S. executives when he rejected the  government's request to block Oracle Corp.'s ORCL.O bid for  PeopleSoft Inc. PSFT.O last week.
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A source close to the case says a ruling in Justice Dept.'s antitrust suit to stop Oracle from acquiring PeopleSoft may come this week.
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With the future of its $7.7 billion takeover attempt of PeopleSoft Inc. resting in the hands of a federal judge, Oracle Corp. is once again extending its tender offer for investors to tender their shares.
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SAN FRANCISCO -- Bolstered by investors, Oracle Corp. appears destined to complete its long-sought takeover of PeopleSoft Inc. unless its rival becomes more profitable and proves it's worth more than the $9.2 billion bid currently on the table.
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Bolstered by investors, Oracle Corp. appears destined to complete its long-sought takeover of PeopleSoft Inc. unless its rival becomes more profitable and proves it is worth more than the $9.2 billion bid currently on the table.
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One major shareholder says it won't touch Oracle's latest offer. Another says it likes the price. Who'll prevail?
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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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Oracle Corp. may have won a major antitrust fight with the Justice Department last week over its proposed acquisition of PeopleSoft Inc., but that doesn't mean the company is on the verge of closing the deal. -The Washington Post
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SOFTWARE giant Oracle&#39;s stalled $7.7bn (Â£4.2bn) bid to take over competitor PeopleSoft has received a huge boost after a US judge threw out an anti-trust lawsuit filed by the Department of Justice to block the acquisition.
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The European Commission has no objection to Oracle&#39;s takeover bid for PeopleSoft. That decision, coming after Oracle&#39;s antitrust victory in the US, means that Oracle faces no more regulatory impediments to its proposed takeover.
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U.S. stocks were set for a higher open  on Monday, helped by news business software maker Oracle Corp.  ORCL.O struck a deal to buy rival PeopleSoft Inc.PSFT.O,  ending a bitter takeover battle.
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The ruling yesterday came more than 15 months after Oracle made its initial surprise offer for PeopleSoft. The past year has been marked by numerous legal maneuvers and verbal grenades tossed
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Oracle is getting good at jumping legal hurdles. Tuesday the European Commission announced it won&#39;t block Oracle&#39;s proposed hostile takeover of PeopleSoft.
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The ouster of Craig Conway and the return of Dave Duffield could be a prelude to PeopleSoft accepting Oracle's offer.
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NEW YORK - Thursday's pro-Oracle Corp. decision on the U.S. Department of Justice's attempt to block Oracle's proposed takeover of PeopleSoft Inc. could have ramifications for the broader software market: Most software stocks rose in Friday trading as investors and analysts viewed the DOJ's loss as a signal for Oracle and other software companies to go shopping for acquisitions.
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Software maker Oracle Corp.  ORCL.O on Wednesday said it will let PeopleSoft Inc. PSFT.O  shareholders decide for themselves whether to accept Oracle's  $8.8 billion hostile takeover bid after learning that  PeopleSoft's board of directors will reject it.
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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.