Feeds

Oracle asks court to remove PeopleSoft poison pills

Another day, another battle

  • alert
  • submit to reddit

Combat fraud and increase customer satisfaction

Oracle is back in court this week as its hostile bid for PeopleSoft starts to turn in its favour.

Last week saw the ousting of Craig Conway, PeopleSoft's chief executive who strongly opposed the takeover. PeopleSoft shares rose sharply on the news. More good news came last week from the US Department of Justice - it has decided not to appeal a court ruling that the takeover is not anti-competive. The deal still faces investigation from the European Commission, although the rumour is that Competition Commissioner Mario Monti will approve the takeover before he leaves his post at the end of October.

The PeopleSoft board announced on Friday that Conway was leaving because it was no longer confident in his ability to run the company. David Duffield, founder and chairman, will take charge. Peoplesoft says Conway's departure is unconnected with the Oracle bid.

Oracle had accused Conway of acting improperly for rejecting its takeover offer without giving board directors the chance to consider it.

Oracle is this week asking the Delaware court to remove two "poison pill" arrangements which PeopleSoft has made to try and block the takeover. One of these concerns paying customers compensation for disruption caused by a takeover which could total $2bn. The other relates to shareholder's rights to block a takeover.

The case will be heard by Leo Shrine who in previous cases has defended the rights of outside shareholders. He ruled against Shorewood Packaging when it was the target of a hostile takeover from Chesapeake Corp.

Microsoft boss Steve Ballmer told the FT he was not interested in stepping in to save PeopleSoft from the attentions of Oracle. He said Microsoft considered SAP the most attractive target in the market - and that deal had fallen through: "I know SAP, and they're no SAP." But he refused to entirely rule out a deal, saying "one should never say never." ®

Related stories

Peoplesoft sacks Craig Conway
EU to approve Oracle takeover - reports
Peoplesoft staff get golden goodbye

Combat fraud and increase customer satisfaction

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Batten down the hatches, Ubuntu 14.04 LTS due in TWO DAYS
Admins dab straining server brows in advance of Trusty Tahr's long-term support landing
Inside the Hekaton: SQL Server 2014's database engine deconstructed
Nadella's database sqares the circle of cheap memory vs speed
Microsoft lobs pre-release Windows Phone 8.1 at devs who dare
App makers can load it before anyone else, but if they do they're stuck with it
Half of Twitter's 'active users' are SILENT STALKERS
Nearly 50% have NEVER tweeted a word
Oh no, Joe: WinPhone users already griping over 8.1 mega-update
Hang on. Which bit of Developer Preview don't you understand?
Internet-of-stuff startup dumps NoSQL for ... SQL?
NoSQL taste great at first but lacks proper nutrients, says startup cloud whiz
Windows 8.1, which you probably haven't upgraded to yet, ALREADY OBSOLETE
Pre-Update versions of new Windows version will no longer support patches
IRS boss on XP migration: 'Classic fix the airplane while you're flying it attempt'
Plus: Condoleezza Rice at Dropbox 'maybe she can find ... weapons of mass destruction'
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.