Feeds

PeopleSoft holds firm

Rejects Larry's offer again...

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Oracle is asking the PeopleSoft board of directors to remove the poison pills which would scupper any attempted takeover. The database giant is calling on the board to take action before the courts do. Armed with the acceptance of 61 per cent of shareholders for its $24 a share tender offer, Oracle believes that it has a mandate to push through the takeover.

The two return to court tomorrow where Oracle will ask for the removal of the poison pill clauses. The clauses would be triggered if Oracle's holding in PeopleSoft reached 20 per cent - then more shares would be released, making the takeover too expensive to pursue.

The PeopleSoft board met again on Saturday, and unanimously rejected Oracle's offer. The board agreed that $24 per share substantially undervalued the company. The strategy seems to be to hold out until the annual company meeting early next year, on the hope that fourth quarter results will be good enough to bolster valuation.

If the court rules against Oracle it will need to get shareholder support for a raft of new directors. With shareholder support enough new directors could be voted onto the board to vote in favour of the takeover.

Marc Benioff, chief exec of rival firm salesforce.com and ex-Oracle exec, told AP: "Larry should just give up and walk away at this point. He has already done enough damage to PeopleSoft."

PeopleSoft statement here.

In January PeopleSoft will start its Alameda lawsuit against Oracle. It will seek $1bn in compensation for Oracle's alleged unfair business practices. ®

Related stories

It's War! - PeopleSoft investors side with Oracle
PeopleSoft threatens to sue Oracle
Oracle makes last bid for PeopleSoft

Choosing a cloud hosting partner with confidence

More from The Register

next story
Download alert: Nearly ALL top 100 Android, iOS paid apps hacked
Attack of the Clones? Yeah, but much, much scarier – report
You stupid BRICK! PCs running Avast AV can't handle Windows fixes
Fix issued, fingers pointed, forums in flames
Microsoft: Your Linux Docker containers are now OURS to command
New tool lets admins wrangle Linux apps from Windows
Facebook, working on Facebook at Work, works on Facebook. At Work
You don't want your cat or drunk pics at the office
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
First in line to order a Nexus 6? AT&T has a BRICK for you
Black Screen of Death plagues early Google-mobe batch
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Go beyond APM with real-time IT operations analytics
How IT operations teams can harness the wealth of wire data already flowing through their environment for real-time operational intelligence.
The total economic impact of Druva inSync
Examining the ROI enterprises may realize by implementing inSync, as they look to improve backup and recovery of endpoint data in a cost-effective manner.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.