Ellison appeals direct to PeopleSoft shareholders
Oracle begging letter
Oracle CEO Larry Ellison is going over the heads of the PeopleSoft board of directors and appealing directly to shareholders to back his offer for the company.
The letter, signed by Ellison and chairman and CFO Jeff Henley, describes Oracle's offer of $26 a share as the "final price".
The letter outlines the generosity of the Oracle offer – based on a "compelling value" and then attacks the PeopleSoft board of directors.
The letter states: "PeopleSoft's directors have ignored our requests to meet and refused to put your interests ahead of their own. Instead, they have devised schemes to further entrench and enrich themselves at your expense. We have serious doubts about the actions of PeopleSoft's CEO and other members of the board." ®