PeopleSoft defies $9.2bn Oracle bid
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American software giant PeopleSoft remained defiant against Oracle&#39;s hostile $9.2billion (Â£5billion) bid yesterday despite PeopleSoft shareholders backing the offer over the weekend.
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Oracle is offering US$21 per share or about US$7.7 billion for PeopleSoft, a leader in human resources management software and an applications rival of Oracle.
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TAKEOVER TUG OF WAR: Oracle Corp. ends 18 months of acrimony, boosting its bid for software maker PeopleSoft Inc. by 10 percent to &#36;10.3 billion.
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Shares in PeopleSoft surged in New York after Larry Ellison&#39;s Oracle tabled a take-it-or-leave-it $8.8 offer for the business software company.
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SAN FRANCISCO - Business-software maker PeopleSoft said Saturday its board had again unanimously rejected Oracle&#39;s $9.2 billion tender offer as inadequate, a day after 61 percent of PeopleSoft shares were tendered to Oracle.
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NEW YORK/PHILADELPHIA: Oracle Corp yesterday raised its hostile takeover offer for rival software company PeopleSoft Inc by 14 per cent to $US8.
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Investor's Business Daily - The oracle of Oracle   seems to have pulled another rabbit out of his hat in his quest to buy rival PeopleSoft  . A majority of PeopleSoft shareholders appeared poised Friday to accept Oracle's offer of &#36;24 per share, though two analysts said it would be close. (Oracle planned to reveal results of its tender offer at about midnight, after press time.)
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Oracle (ORCL) on Tuesday posted a 16% jump in quarterly earnings, surpassing analyst estimates, despite listless sales in an area it hopes to buttress by buying rival PeopleSoft (PSFT).
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Oracle yesterday secured a $10.3billion (Â£5.34billion) takeover of rival software maker PeopleSoft, ending an 18-month battle that was among the most acrimonious in corporate history.
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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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Senior executives at business software group PeopleSoft have once again spurned a takeover bid from Oracle Corp, even after the latter announced it had control of more than 60 percent of PeopleSoft&#39;s shares.
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Oracle proclaimed a symbolic victory Saturday after 61 percent of PeopleSoft stockholders accepted its $9.2 billion takeover offer.
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PeopleSoft&#39;s board of directors has approved a takeover deal from Oracle worth around $10.3 billion, ending a bitter takeover attemptthat started more than a year ago and creating a major software maker.
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The investors have spoken and decided that Oracle buying PeopleSoft for $9.2bn in cash sounds like a pretty good deal. More than 60 percent of PeopleSoft investors tendered their shares to Oracle, giving the
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PeopleSoft&#39;s board unanimously rejected Oracle&#39;s $24-a-share offer as inadequate shortly after close of business in New York this evening.
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Oracle has put up its &quot;best and final&quot; offer for PeopleSoft at US$24 per share. The new price is up $3 from Oracle&#39;s last offer, and is in excess of PeopleSoft&#39;s 52-week closing price high.
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Oracle Corp. raised the stakes in its hostile bid for PeopleSoft Inc. Monday by increasing its offer to $24 per share, boosting the value of the proposed merger to $9.