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:
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Oracle Data Cloud Floats Into View

Oracle Data Cloud Floats Into View

It merges its BlueKai capabilities with other assets to introduce Oracle Data as a Service for marketing and social.

AmEx Veteran Takes COO Role at Acxiom

AmEx Veteran Takes COO Role at Acxiom

Kerry Hatch ran American Express's OPEN business card division and led units at Starwood and Time Inc.

Red Roof Inn Turns Weather Woes Into Major Sales

Red Roof Inn Turns Weather Woes Into Major ...

The hotel chain woos stranded airline passengers with deals based on flight cancellations.