Oracle clears US hurdle for PeopleSoft

Oracle clears US hurdle for PeopleSoft

Oracle has made a huge step towards victory in its hostile takeover bid for rival business software company PeopleSoft, as the US federal courts rejected the Department of Justice's attempt to block the takeover bid.

Link: Anti-trust ‘elephant’ flattens PeopleSoft profits

‘This decision puts the onus squarely on the board of PeopleSoft to meet with us and to redeem their poison pill so that the shareholders can accept our offer,’ said Oracle chairman Jeff Henley.

PeopleSoft has said it will ‘review the implications’ of the ruling.

Oracle’s current offer for PeopleSoft stands at $21.00 per share in cash, representing a premium of 17% ($17.95) to close of market on 9 September 2004, and a premium of 39% ($15.11) to close of market on 5 June 2003, the day before Oracle originally announced its bid to acquire PeopleSoft.

It has also issued calls to the PeopleSoft board to accept its offer and for an urgent meeting to iron out a deal: ‘In light of recent trends and events, we urge the Board to reconsider its previous recommendation. We believe our offer provides full and fair value and that further delay is not in the best interests of PeopleSoft’s stockholders, customers, and employees.’

However a deal could still falter if the European Commission decides that a merger between the two is anti-competitive.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource