Feeds

PeopleSoft battle enters last lap

Shareholders split on what to do

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

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

Security for virtualized datacentres

More from The Register

next story
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
'Windows 9' LEAK: Microsoft's playing catchup with Linux
Multiple desktops and live tiles in restored Start button star in new vids
iOS 8 release: WebGL now runs everywhere. Hurrah for 3D graphics!
HTML 5's pretty neat ... when your browser supports it
Mathematica hits the Web
Wolfram embraces the cloud, promies private cloud cut of its number-cruncher
Google extends app refund window to two hours
You now have 120 minutes to finish that game instead of 15
Intel: Hey, enterprises, drop everything and DO HADOOP
Big Data analytics projected to run on more servers than any other app
Mozilla shutters Labs, tells nobody it's been dead for five months
Staffer's blog reveals all as projects languish on GitHub
SUSE Linux owner Attachmate gobbled by Micro Focus for $2.3bn
Merger will lead to mainframe and COBOL powerhouse
iOS 8 Healthkit gets a bug SO Apple KILLS it. That's real healthcare!
Not fit for purpose on day of launch, says Cupertino
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.