PeopleSoft, Oracle square off in Delaware court
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LOS ANGELES (CBS.MW) -- Oracle Corp.&#39;s hostile $9.2 billion offer to acquire PeopleSoft Inc. moves to a Delaware courtroom on Wednesday.
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Oracle yesterday extended its controversial bid for enterprise resource software provider PeopleSoft, while both companies await the final judge&#39;s ruling in the Department of Justice (DoJ) anti-competition case.
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The battle for PeopleSoft intensified on Tuesday, with the company&#39;s two top shareholders said to be taking opposite sides in the software maker&#39;s struggle against an $8.8 billion hostile bid by its bigger rival Oracle.
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WILMINGTON, Del.  - The trial pitting software  giant Oracle Corp. ORCL.O against unwilling takeover target  PeopleSoft Inc. PSFT.O ended on Friday with a Delaware  judge's comment that recent developments seemed to have drawn  the bitter rivals closer together.
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At the same time, Oracle&#39;s in court trying to strip PeopleSoft of its poison-pill provisions. By Antone Gonsalves, TechWeb News.
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Disgruntled shareholders file suit to force talks with Oracle while PeopleSoft's two largest shareholders agree to disagree.
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Oracle Corp. notified Delaware's Court of Chancery of plans to drop a lawsuit pending there against PeopleSoft Inc. if PeopleSoft shareholders reject Oracle's tender offer. The notification is a sign that Oracle is serious about its current offer being the final one.
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A Delaware judge on Wednesday said he likely would need to hear additional testimony before ruling on Oracle Corp.&#39;s (ORCL.O: Quote, Profile, Research
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At the 11th hour for Oracle&#39;s latest tender offer for PeopleSoft, the battle between companies continues to escalate. PeopleSoft founder and Chief Executive David Duffield on Thursday accused Oracle of issuing
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The Delaware Chancery Court judge who is hearing the PeopleSoft case issued a summary judgment that Oracle&#39;s chief executive and chairman did not engage in insider trading during 2001.
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Oracle Corp., the world&#39;s second-largest software firm, made what it called its last and best offer for rival PeopleSoft Inc. on Monday in a takeover battle that has now raged for almost a year and a half.
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A battle between rival shareholder groups is brewing in advance of Friday&#39;s final deadline for tendering shares to Oracle in support of its $9bn hostile takeover bid for rival PeopleSoft.
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WILMINGTON (DELAWARE): An attorney for Oracle says the company will abandon its legal challenge to PeopleSoft&#39;s anti-takeover protection if shareholders fail to tender a majority of their shares by November 19.
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Oracle has told a Delaware court that it plans to drop a lawsuit pending there against PeopleSoft if PeopleSoft shareholders don't back Oracle's tender offer by next week's deadline.
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Fresh off his abrupt firing as PeopleSoft Inc.'s chief executive, an uncharacteristically subdued Craig Conway came to court Wednesday to defend his caustic counterattacks against Oracle Corp.'s &#36;7.7 billion takeover bid.
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Oracle extended its $7.7 billion tender offer for all outstanding shares of PeopleSoft yet again on Thursday, as it waits for US District Court Judge Vaughn Walker to issue a decision in an antitrust lawsuit that aims to permanently block the buyout.
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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.