New $8.8B tender offer requires removal of poison pill
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LOS ANGELES (CBS.MW) - Oracle Corp. on Monday raised its hostile bid for rival PeopleSoft to $8.8 billion, calling the bid its &quot;best and final offer,&quot; as CEO Larry Ellison raised the stakes in a 17-month takeover
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The provision made for a white knight offer in the irrevocable undertaking given by Russia&#39;s Norilsk Nickel to Harmony Gold, which is attempting to swallow its larger local rival
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SYDNEY, Australia -- Qantas Airways said Thursday it had accepted an $8.64 billion takeover offer from a private equity consortium including Australia's Macquarie Bank and the Texas Pacific Group _ one of the biggest corporate buyouts in Australian history.
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The chemical company breaks deal with Blavatnik to accept a $28-a-share bid from Apollo.
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Gold Fields has made a secret offer to buy out its largest shareholder as a last-ditch defence against a hostile $8.1bn (Â£4.35bn) bid from Harmony, its rival South African gold producer.
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The company was forced to drop the sale price of its commercial supply business by nearly $2 billion, one of the first big buyouts to be renegotiated as a result of the recent credit squeeze.
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Australia's APN News and Media   on Monday agreed to a revised A$2.8 billion ($2.2 billion)  offer from a consortium including Tony O'Reilly's Independent  News and Media Plc. .
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NEW YORK (CBS.MW) -- In a move designed to fortify itself a potential hostile takeovers, News Corp. adopted a &quot;poison pill&quot; shareholder rights plan.
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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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Medicine prices will be cut by 7 percent under a new five-year deal between the government and drug makers that will save more than 1.8 billion pounds on the nation&#39;s drugs bill.
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Vox populi: Oracle (nasdaq: ORCL - news - people ) attorney Michael Carroll says the firm will abandon its legal assault on PeopleSoft&#39;s (nasdaq: PSFT - news - people ) &quot;poison pill&quot; defenses--if investors fail to tender at least 50% of their shares by Nov
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About $10.3 billion, not to put too fine a point on it. Rather than swallowing the &quot;poison pill&quot; planned for hostile takeover bids, though, Oracle agreed to come up in its bid for PeopleSoft--$26.50 per share instead of $24 per share.
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The share price of US drugs giant Merck falls to an eight-year low after it announces that it has been forced to withdraw a key drug on side effect fears.
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Women's healthcare specialist Warner Chilcott says it has received a bid approach which could value it at more than Â£1.5bn.
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The contract will be initially valued at $80 million instead of the $2 billion estimate given for the six-year deal, officials said.
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By Thomas Ginsberg, The Philadelphia Inquirer  Jan. 31--Here is something you may not hear every day: The drug giant Wyeth said yesterday that it was "surprised" to hear that it is about to face generic competition on its $216 million heart drug Inderal LA.
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Insurance broker Marsh &amp; McLennan Cos. said yesterday it is renegotiating terms of $2.8 billion of backup bank financing after New York Attorney General Eliot Spitzer sued the company last week.