BusinessCompany NewsOracle raises PeopleSoft offer

Oracle raises PeopleSoft offer

Oracle's has increased its bid for business applications group PeopleSoft from $5.1bn to $6.3bn (£3.73bn) while at the same time having a go at PeopleSoft for its planned acquisition of JD Edwards.

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.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

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

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor