All three parties agreed to postpone the Oracle lawsuit until 25 July, following the US Department of Justice decision to seek more information regarding potential antitrust issues.
PeopleSoft is looking to seal its acquisition of JD Edwards by 18 July, and claimed that Oracle’s offer was made only to scupper this deal.
But Oracle insists that its offer is genuine, and believes that the PeopleSoft board is not acting in the best interests of its shareholders by refusing to meet to discuss its latest $6.3bn offer.
‘Oracle continues to maintain that PeopleSoft and its board have breached their fiduciary duties to PeopleSoft’s shareholders,’ said Jim Finn, Oracle spokesman.
PeopleSoft refutes these charges. Speaking to VNU News Centre, PeopleSoft spokesman Steve Swasey said that Oracle’s insistence on meeting was ‘ironic’, given that it had chosen to announce its bid through the media, rather than speaking directly to PeopleSoft.
‘We’ve considered their offer, based on the information they supplied, and rejected it. We believe the best option is to proceed with the JD Edwards bid. I don’t see what value a meeting would add,’ he said.
But the delay to Oracle’s court case does not signal the end of its battle for control of PeopleSoft. Oracle has already stated that it may consider buying PeopleSoft and JD Edwards.
It could also decide to further increase its offer. This may persuade PeopleSoft’s shareholders to demand that their board reconsider its refusal to meet Oracle.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars