Welcome!

Oracle Authors: Dan Joe Barry, Ray DePena, Maureen O'Gara, Steve Hanna, Jeremy Geelan

Related Topics: Open Source

Open Source: Article

P'Soft to Oracle: What Is It about 'NO!' You Don't Understand?

P'Soft to Oracle: What Is It about 'NO!' You Don't Understand?
By Maureen O'Gara
Article Rating:
May 28, 2004 12:00 AM EDT
Reads:
 16,423
PeopleSoft's board has rejected Oracle's revised bid of $21 a share, or roughly $7.7 billion, saying it was "inadequate." No surprise that. PeopleSoft thought Oracle's higher offer of $26 a share inadequate.

Oracle lowered its offer by 20% a couple weeks ago to match the slump in PeopleSoft shares, it said. PeopleSoft also said Oracle's unwarranted pursuit was likely to be found anticompetitive when the Justice Department's suit against Oracle's proposed takeover hits court in a few days.

PeopleSoft also agreed to limit that cute double to quintuple your-money-back guarantee it made to customers as a way to ward off Oracle's advances to settle a stockholder class action. It's not much of limit though. It would only apply if Oracle is the acquirer, which was the whole point anyway. The novel poison pill could cost Oracle an extra $2 billion, if it were to actually succeed in buying PeopleSoft.

PeopleSoft is trading at around $18 these days.

Published May 28, 2004 – Reads 16,423
Copyright © 2004 SYS-CON Media, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.

Comments (0)

Share your thoughts on this story.

Add your comment
You must be signed in to add a comment. Sign-in | Register

In accordance with our Comment Policy, we encourage comments that are on topic, relevant and to-the-point. We will remove comments that include profanity, personal attacks, racial slurs, threats of violence, or other inappropriate material that violates our Terms and Conditions, and will block users who make repeated violations. We ask all readers to expect diversity of opinion and to treat one another with dignity and respect.