Oracle letter puts pressure on PeopleSoft

Link: Oracle bid for PeopleSoft is ‘political’

In a letter sent to PeopleSoft’s chief executive Craig Conway, Oracle’s chairman and chief executive Larry Ellison said that he wanted to meet with PeopleSoft’s board to discuss Oracle’s offer further.

‘We believe that our offer provides full and fair value to PeopleSoft stockholders and a compelling future for PeopleSoft customers. I am reaffirming our request to meet with you and your board to discuss our offer further,’ he said.

Ellison added that PeopleSoft’s public comments, and a notice Oracle has received of PeopleSoft’s intention to commence litigation against it ‘raises the concern that you have taken a negative position with respect to the merits and motivations behind our offer before you and the PeopleSoft board have taken the time required to consider the offer’.

But Ellison said: ‘We have made a serious, fully financed, all-cash offer to your stockholders, and your fiduciary duties to those stockholders require a full and fair review done in good faith.

‘This matter will ultimately be decided by the PeopleSoft stockholders based on the merits and not by frivolous litigation,’ he added.

Conway has previously described Oracle’s offer as ‘atrociously bad behavior from a company with a history of atrociously bad behavior,’ and said it was a ‘transparent’ attempt to disrupt the acquisition of JD Edwards by PeopleSoft.

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