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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016