Oracle raises PeopleSoft offer

Link: PeopleSoft board rejects Oracle offer

Oracle raised the bid by offering to buy all remaining PeopleSoft shares at $19.50 per share, up $3.50 per share from the original offer of $16 and then accused PeopleSoft of trying to prevent its own shareholders from voting on its acquisition of JD Edwards.

The comments were made after PeopleSoft announced it had amended the terms of its proposed merger agreement with JD Edwards. Oracle said the effect of the amendment was to eliminate the required vote of PeopleSoft shareholders with respect to the merger.

Oracle chief executive Larry Ellison said in a statement: ‘PeopleSoft is doing everything it can to prevent its shareholders from voting. If PeopleSoft’s board is so convinced that the JD Edwards acquisition is a great deal, why won’t it let their shareholders vote on it?’

Oracle added that it intends to proceed with its offer. It is currently facing lawsuits from both PeopleSoft and JD Edwards.

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