Oracle ruling expected Friday
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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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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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The European Commission is expected today to approve US-based enterprise software firm Oracle&#39;s hostile take-over of rival PeopleSoft.
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The two companies are waiting for a hearing in Delaware next week when a judge will hear evidence from PeopleSoft regarding why its board rejected Oracle&#39;s latest bid of $24 a share.
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A U.S. federal judge on Thursday gave Oracle Corp. a green light to proceed with its hostile bid to take over rival business software maker PeopleSoft Inc., rejecting the government's bid to block the &#36;7.7 billion deal.
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A federal judge has ruled that Oracle can proceed with its bid to acquire PeopleSoft, saying that the merger would not stifle competition in the market.
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European antitrust regulators are set to announce Tuesday whether they will block Oracle&#39;s hostile takeover bid for rival PeopleSoft.
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The Oracle from Omaha announced a laundry list of moves Friday.
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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.
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WILMINGTON, Del. - A judge said Oracle Corp., which has spent 17 months trying to buy PeopleSoft Inc., must return to court with its rival for two days in December before he decides whether to invalidate PeopleSoft&#39;s anti-takeover defenses.
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NEW YORK - 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.
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Business software maker Oracle Corp. (ORCL.O: Quote, Profile, Research) on Friday said it had decided to move forward the release date of its fiscal second-quarter earnings to Monday, Dec.
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PeopleSoft will push ahead with a new marketing alliance and other initiatives in the face of a court ruling that raises the chance that Oracleâs $7.
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Oracle Corp. sales documents detailing highly confidential information, such as which companies receive discounts on Oracle's business software products and the size of the discounts, are likely to be made public, a federal judge said on Friday.
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PeopleSoft Inc. will push ahead with a new marketing alliance and other initiatives in the face of a court ruling that raises the chance that Oracle Corp.
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Oracle Corp (ORCL.O: Quote, Profile, Research) is likely to win clearance from the European Commission for its hostile takeover of rival software firm PeopleSoft Inc.
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Oracle Corp. ORCL.O on Thursday  won the backing of a key public pension fund in its  $8.8-billion takeover bid for PeopleSoft Inc. PSFT.O and  analysts said they expected a majority of shares to be tendered  its way ahead of a Friday deadline.