Feeds

PeopleSoft battle enters last lap

Shareholders split on what to do

  • alert
  • submit to reddit

SANS - Survey on application security programs

The battle for the heart and soul of PeopleSoft is going down to the wire, with major shareholders split as to what the company should do. Oracle has offered $24 per share for the firm - but its offer expires on Friday.

An ever-growing percentage of the firm is being bought up by short-term investors looking to cash in on a quick sale. They are interested in the difference between what they paid for shares and the $24 a share being offered by Oracle.

Heather Bellini, at UBS Securities, told Bloomberg that as much as 30 per cent of PeopleSoft shares will be held by such arbitrageurs by the end of the week when the offer expires. Paulson and Co, one of the ten largest PeopleSoft shareholders says it will tender, or offer for sale, its 9.1m shares. With arbitragers likely to back the bid it will take only a couple of large institutional investors to tip the balance in favour of Larry Ellison's takeover.

But the battle isn't over yet. One of PeopleSoft's largest shareholders, Capital Management LP, which holds 9.3 per cent of the firm is not supporting the takeover, believing it under-values the firm.

But Capital Guardian Trust, which owns about ten per cent of the firm, said it will offer its stake for sale.

Oracle has said it will abandon the bid if it is not supported by more than half the shareholders. The database giant said it was already talking to other firms about possible acquisitions.

A group of PeopleSoft shareholders is taking legal action to force the firm to remove poison pill policies put in place to stop the Oracle takeover. The group is also asking the Delaware court to force PeopleSoft to discuss the merger with Oracle. ®

Related stories

PeopleSoft board rejects Oracle's best and last offer
Oracle can buy PeopleSoft: official
PeopleSoft defends poison pills

3 Big data security analytics techniques

More from The Register

next story
OpenBSD founder wants to bin buggy OpenSSL library, launches fork
One Heartbleed vuln was too many for Theo de Raadt
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Ubuntu 14.04 LTS: Great changes, but sssh don't mention the...
Why HELLO Amazon! You weren't here last time
Got Windows 8.1 Update yet? Get ready for YET ANOTHER ONE – rumor
Leaker claims big release due this fall as Microsoft herds us into the CLOUD
Patch iOS, OS X now: PDFs, JPEGs, URLs, web pages can pwn your kit
Plus: iThings and desktops at risk of NEW SSL attack flaw
Next Windows obsolescence panic is 450 days from … NOW!
The clock is ticking louder for Windows Server 2003 R2 users
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
Red Hat to ship RHEL 7 release candidate with a taste of container tech
Grab 'near-final' version of next Enterprise Linux next week
Apple inaugurates free OS X beta program for world+dog
Prerelease software now open to anyone, not just developers – as long as you keep quiet
prev story

Whitepapers

Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.
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.
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.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.