Europe's Regulators Say It's OK If Oracle Acquires PeopleSoft (Investor's Business Daily)
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Investor's Business Daily - Oracle   Chief Executive Larry Ellison might well raise his offer of &#36;21 per share to buy business software rival PeopleSoft  , they say.
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The EU is expected to approve the merger between rivals Oracle (Nasdaq: ORCL) and PeopleSoft (Nasdaq: PSFT), according to sources close to the proceedings.
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LONDON -- Enterprise software giant Oracle Corp. may be known for big plans and bold moves but when it comes to capturing the European market the Redwood Shores, California, company has realized it also has to think small.
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The European Union is set to approve Oracle&#39;s hostile $7.7bn takeover of enterprise apps vendor PeopleSoft, according to Reuters and the Financial Times , both of which cite unnamed sources.
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European Commission is set to announce whether it will block the database giant's hostile takeover bid for PeopleSoft.
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BRUSSELS The European Commission is expected Tuesday to approve Oracle&#39;s $8 billion acquisition of PeopleSoft without conditions attached, a person briefed on the investigation said Monday.
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The European Commission said it had approved unconditionally US business software firm Oracle's hostile takeover of rival PeopleSoft.
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The European Commission said Tuesday that it has approved Oracle Corp.&#39;s $7.7 billion bid for PeopleSoft Inc., removing the last antitrust obstacle to the hostile takeover attempt.
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STRASBOURG: The European Commission on Tuesday approved Oracle Corp.&#39;s proposed $7.7 billion hostile takeover of rival business software company PeopleSoft Inc.
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The European Commission is set to clear the $7.7 billion hostile takeover bid by Oracle for rival software group PeopleSoft in a move that is likely to pave the way for the creation of a new US software giant.
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European Union regulators will decide Tuesday whether Oracle Corp.'s hostile &#36;7.7 billion bid for rival business software concern PeopleSoft Inc. can proceed, the EU's antitrust chief said Friday.
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Outgoing EU competition commissioner Mario Monti wants to reach a decision on Oracle's proposed takeover of business software rival PeopleSoft by the end of next month, an official said.
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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 reiterated on Tuesday its opposition to a $7.7 billion takeover offer from Oracle after the European Union approved the bid, removing the last regulatory hurdle to a deal.
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A majority of PeopleSoft (PSFT) shareholders are expected to support Oracle&#39;s (ORCL) takeover bid when they tender shares Friday night.
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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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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.