Feeds

Oracle plots PeopleSoft board takeover

PeopleSoft likes board just the way it is

  • alert
  • submit to reddit

Build a business case: developing custom apps

Oracle has put forth a list of four directors it will try and have nominated to PeopleSoft's board, as part of its ongoing bid to acquire the software maker.

With a majority of PeopleSoft investors tendering their shares to Oracle in favor of the acquisition, Oracle is now looking to put even more pressure on its target. The ultimate goal of getting the pro-Oracle directors on PeopleSoft's board would be to remove an anti-takeover poison pill provision that would significantly raise the acquisition amount Oracle would have to pay for PeopleSoft. Oracle has said it will not go forth with the takeover with the poison pill in place.

"We have notified the PeopleSoft board of our intention to run an alternative slate of directors at the 2005 annual meeting," said Jeff Henley, chairman at Oracle. "We believe that the current board of PeopleSoft is not acting in the best interests of stockholders and that a large majority of those stockholders are in favor of a change."

The four directors proposed by Oracle are Duke Bristow, a director at Arena Pharmaceuticals Inc. and Landec Corp.; Roger Noall, director of Alleghany Corp.; Laurence Paul, director of Ampco-Pittsburgh Corp. and Biovail Corp. and Artur Raviv, a finance professor at Northwestern University.

Not surprisingly, PeopleSoft was unmoved by Oracle's tactics.

"Based on the numerous conversations we have had with the Company's largest stockholders, our Board is convinced that a majority of our stockholders agree with us that Oracle's $24 offer substantially undervalues PeopleSoft," the company said. "We believe that Oracle has nominated this slate to allow Oracle to purchase PeopleSoft for an inadequate price that does not reflect the Company's real value." ®

Related stories

Oracle must wait for poison pill decision
PeopleSoft holds firm
It's War! - PeopleSoft investors side with Oracle

Build a business case: developing custom apps

More from The Register

next story
NO MORE ALL CAPS and other pleasures of Visual Studio 14
Unpicking a packed preview that breaks down ASP.NET
KDE releases ice-cream coloured Plasma 5 just in time for summer
Melty but refreshing - popular rival to Mint's Cinnamon's still a work in progress
Leaked Windows Phone 8.1 Update specs tease details of Nokia's next mobes
New screen sizes, dual SIMs, voice over LTE, and more
Another day, another Firefox: Version 31 is upon us ALREADY
Web devs, Mozilla really wants you to like this one
Put down that Oracle database patch: It could cost $23,000 per CPU
On-by-default INMEMORY tech a boon for developers ... as long as they can afford it
Secure microkernel that uses maths to be 'bug free' goes open source
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
Mozilla keeps its Beard, hopes anti-gay marriage troubles are now over
Plenty on new CEO's todo list – starting with Firefox's slipping grasp
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
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.