Feeds

PeopleSoft holds firm

Rejects Larry's offer again...

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

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

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.