PeopleSoft writes a letter
Please, please, please don't sell us to Larry...
Peoplesoft is writing to all its shareholders urging them to oppose the takeover attempt by Larry Ellison and Oracle.
The letter, sent out yesterday, asks shareholders to vote in favour of the nominees to the board and to reject Oracle's proposed takeover. Oracle is trying to get five new board members elected in order to push through the deal.
The letter, signed by PeopleSoft president Craig Conway, tells shareholders: "The future of your company and the value of your investment are at stake. We urge you to act now to protect the value of your shares by voting for the existing board nominees. Sign, date and return the enclosed WHITE proxy card. Please discard any blue proxy cards that you may receive from Oracle."
Conway says the deal undervalues PeopleSoft - and claims the company share price would be trading higher except for uncertainty created by the attempted takeover.
The fate of PeopleSoft should be decided at the Annual Meeting of shareholders which will be held on 25 March. ®