Oracle faces lawsuits over hostile bid
PeopleSoft has turned up the heat on Oracle following Larry Ellison's hostile takeover bid by today filing a lawsuit against the software giant.
Craig Conway, president and CEO of PeopleSoft, has joined J.D. Edwards, which filed a similar suit on Friday last week.
‘By making an offer with the acknowledged intent of eliminating PeopleSoft’s business, Oracle seeks to disrupt PeopleSoft’s efforts to complete new sales, thus, effectively damaging PeopleSoft’s business even if Oracle never buys a single share of PeopleSoft stock,’ said Conway in a statement.
The battle for shareholder votes also began in earnest today, with both companies taking out full-page ads in the Financial Times. ‘In the end, PeopleSoft was the target of a hostile bid precisely because we have stronger products and precisely because we are so well-positioned,’ read the PeopleSoft advert. Oracle simply stated: ‘Don’t let the board take away your choice’ followed by a very clear reminder of what Oracle is offering – cash.