Oracle says PeopleSoft keeps legal attack dogs on leash
Ellison at it again
Oracle has cranked up the spin machine to full throttle, announcing PeopleSoft's decision not to pursue legal action against the hostile takeover bid made last week.
The tactics used by Oracle in its $5.1 billion bid for PeopleSoft are awe-inspiring. The top brass at the database giant must ease back into their plush chairs every time a press release is issued, and the smaller PeopleSoft stumbles.
The latest shot fired is a note sent down from Oracle's legal counsel, saying PeopleSoft has dropped the idea of seeking a temporary restraining order to block the acquisition bid.
"PeopleSoft decided not to commence litigation against Oracle on June 9 and cancelled its plan to appear in court today," Oracle said in a statement. "Counsel for for PeopleSoft had earlier advised Oracle of their intention to file a complaint. . .and to seek a temporary restraining order and expedited discovery from (the) court."
Larry Ellison then followed the bid with a number of other harsh shots. He described a fruitful tête-à-tête with PeopleSoft CEO Craig Conway in which a merger was discussed and found time to blast PeopleSoft's services organization and to warn shareholders to make the safe choice for an acquisition.
Ellison's gang put the screws on PeopleSoft from day one and has been tightening its grip ever since.
PeopleSoft wants to continue on with it planned buy of J.D. Edwards and looks ready to take Oracle on with or without spin. But ff Oracle keeps up this kind of pressure and increases its bid, Larry may get his time with the PeopleSoft board. ®