BusinessCompany NewsPeopleSoft to seize chance to buy JD Edwards

PeopleSoft to seize chance to buy JD Edwards

Oracle's court case relating to its offer for PeopleSoft has been postponed, opening the door for PeopleSoft's bid for JD Edwards to be completed before the case can be heard.

Link: Oracle faces antitrust probe over PeopleSoft bid

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor