Ellison tells court Oracle may lower bid for PeopleSoft
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Oracle Corp. chief executive Larry Ellison testified yesterday that the business software maker is leaning toward lowering its $7.7 billion bid for rival PeopleSoft Inc. , a shift that might create another snag in the takeover tug-of-war.
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LARRY ELLISON, the chief executive of Oracle, has raised his offer to buy PeopleSoft by more than $1 billion, marking what could be the final salvo in a 17-month bidding war.
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Oracle Corp. on Monday again  asked PeopleSoft Inc.'s board of directors to rescind an  anti-takeover provision, as the two business software makers  prepared to return to court this week to address one of the  final barriers to the $9.2-billion takeover bid.
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Peoplesoft Inc does not believe Oracle Corp will back away if shareholders refuse what Oracle has stated is its last and best offer, and it is taking steps to engage in a proxy war next spring if need be.
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Oracle Corp. on Thursday said in a letter to PeopleSoft Inc. stockholders that it would withdraw its hostile takeover bid if less than half of PeopleSoft shares were tendered by the offer's deadline.
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WILMINGTON, Del.  - Oracle Corp. ORCL.O Chief  Executive Larry Ellison said on Friday his company has talked  about revising its current $21-per-share offer to buy rival  PeopleSoft Inc. PSFT.O, although it has focused more on  lowering the bid instead of raising it.
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Oracle's (Nasdaq: ORCL) promise to step away from its pursuit of PeopleSoft (Nasdaq: PSFT) if less than 50 percent of the company's shares are tendered by Friday may not be the last word in the deal.
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PeopleSoft's Board of Directors voted Wednesday to recommend that its stockholders reject Oracle's takeover offer of $24 per share. Oracle CEO Larry Ellison quickly responded, saying the offer is final and that it is now up to PeopleSoft's shareholders to make a determination.
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Although Oracle still faces obstacles in its $7.7 billion hostile takeover bid, analysts said yesterday's court rejection of the U.S. Department of Justice's attempt to block the deal on antitrust grounds is a blow for PeopleSoft.
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Oracle CEO Larry Ellison, testifying in a Delaware court as part of Oracle's efforts to get PeopleSoft to pull back anti-takeover measures, denied that his company is trying to kill off its smaller software rival.
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An Oracle executive testified that she expected PeopleSoftÂs earnings would continue to drop in the wake of OracleÂs hostile takeover bid.
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PeopleSoft's profit may drop "significantly" this year, according to testimony by an Oracle executive.
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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., but that doesn't mean the company is on the verge of closing the deal. -The Washington Post
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Oracle Corp. said it was prepared to walk away from its bid for rival business software maker PeopleSoft, saying it had learned that its &quot;final&quot; offer was on the verge of being rejected.
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During a scheduling hearing Wednesday, the judge overseeing Oracle&#39;s attempt to overturn PeopleSoft&#39;s takeover defenses said he wants to know exactly why PeopleSoft has turned down Oracle&#39;s offer again.
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Soon after an Oracle director said Oracle&#39;s current US$21 per share offer for control of PeopleSoft may not be its final bid, Oracle Chief Executive Officer (CEO) Larry Ellison countered that the company is as likely to lower its bid as to raise it.
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Oracle Corp could reduce its offer for PeopleSoft Inc by as much as a third, to $2.5 billion or $14 a share, to reflect declining performance at the rival company, an Oracle executive reportedly testified yesterday.