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Oracle-PeopleSoft Newsflash: Next Hearing Now Set - December 14/15

Oracle-PeopleSoft Newsflash: Next Hearing Now Set - December 14/15

Recent SYS-CON coverage of PeopleSoft - via Google News  

Vice chancellor Leo Strine of Delaware's Court of Chancery has just said that the parties to the case are entitled to present evidence, now that PeopleSoft's board of directors has rejected Oracle's $24 a share bid, and that the trial involving Oracle's attempt to get PeopleSoft's anti-takeover measures overturned will accordingly now continue in December.

Strine set hearing dates of Dec. 13 and Dec. 14, at which point the court will hear whatever new evidence there might be on how PeopleSoft's board handled the latest offer, and why they said no to it.

This is bad news for PeopleSoft which was hoping Strine would delay taking new evidence in the case until nearer its AGM - PeopleSoft's next quarterly shareholder meeting is due in March 2005 - at which shareholders could decide to overthrow the current board for its resistance to the Oracle's hostile takeover, and that he would hold off taking new evidence on the infamous "customer program" that Oracle maintains is an artificial barrier to the takeover.

Now PeopleSoft's sales force will not be able to close critical Q4 deals without the possibility of a court ruling inserting uncertainty into negotiations.



Recent SYS-CON coverage of Oracle - via Google News 

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Oracle News Desk trawls the world's news information sources and brings you timely updates on Oracle and its ever-expanding enterprise software portfolio, including its entire range of tools for managing business data, supporting business operations, and facilitating collaboration and application development.

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