BusinessCompany NewsPeopleSoft acts to reassure customers

PeopleSoft acts to reassure customers

PeopleSoft has extended its controversial customer refund programme designed to reassure its customers in the face of Oracle's hostile $9.4bn (£5.25bn) takeover bid.

Link: Oracle fights DoJ block on PeopleSoft bid

In a filing to the US Securities and Exchange Commission, PeopleSoft said it had decided to ‘extend the availability of the Customer Assurance Programme until the earlier of the date that Oracle terminates its tender offer, or 30 June, 2004’.

PeopleSoft said the terms of the deal during the extension period are the same as those previously offered.

The programme offers licence fee refunds, estimated at $800m to $1.5bn, if there was any ‘majority change’ in PeopleSoft’s board within the next two years.

The refunds would also apply if customers suffered a reduction in support for PeopleSoft products in the next four years.

PeopleSoft first introduced the scheme in June 2003 for three months, and has now renewed it twice since then.

The scheme was launched following Oracle’s initial bid for PeopleSoft in June 2003, but the prospect of any payout is a still a long way off.

According to reports, the European Commission has suspended its review of Oracle’s bid for PeopleSoft in order to gather more information on the bid.

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