PeopleSoft Board Blasts Oracle Buyout Bid

Share this article:
CRM provider PeopleSoft's board of directors yesterday rejected an offer by rival Oracle Corp. to buy out the company's shareholders for $16 per share and called Oracle's takeover attempt hostile and disruptive.


Oracle shocked the CRM industry last week when it offered to buy all outstanding shares of PeopleSoft for $5.1 billion. However, in its recommendation to shareholders, PeopleSoft's board said the transaction would be scrutinized and probably rejected by antitrust watchdogs in the United States and Europe.


The uncertainty surrounding the antitrust review process would hurt PeopleSoft's financial performance, the board said. The board added that Oracle's offer was too low given PeopleSoft's financial performance.


"Oracle's offer seeks to enrich Oracle at the expense of PeopleSoft's stockholders, customers and employees," PeopleSoft president/CEO Craig Conway said in a statement.


PeopleSoft said it would continue to pursue the acquisition of J.D. Edwards & Company. The acquisition of J.D. Edwards, announced just days before Oracle launched its takeover bid, was in question after Oracle said it would re-evaluate the move after it gained control of PeopleSoft.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

One Third of Companies Fail to Measure Data Quality ROI

One Third of Companies Fail to Measure Data ...

Twenty percent of companies assume their data quality tools pay off, while another 10% doesn't monitor ROI at all.

Ensighten and Anametrix Unite in an Open Relationship

Ensighten and Anametrix Unite in an Open Relationship

Ensighten's purchase of the analytics company is about giving ultimate ownership of data to marketers, says CEO Josh Manion.

The Perils (and Positives) of Vanity Metrics

The Perils (and Positives) of Vanity Metrics

Experts break down the up- and downsides of popular vanity metrics, such as Facebook likes and Twitter followers.