TechnologyOracle claims support of PeopleSoft shareholders

Oracle claims support of PeopleSoft shareholders

PeopleSoft has remained defiant in the long-running hostile takeover bid by Oracle, despite 'over 60%' of its shareholders coming down in favour of its rival.

Link: PeopleSoft stakeholders split over ‘final’ offer

Some 60% of shares have been tendered in favour of Oracle’s $9.2bn (£4.96bn) bid for the company over the weekend, Oracle revealed.

‘The owners of PeopleSoft have spoken and have overwhelmingly chosen to sell to Oracle at $24 per share,’ said Oracle CEO Larry Ellison.

However, the PeopleSoft board has reiterated its view that the offer is ‘inadequate’ and the company is worth ‘much more than the $24 per share offer’.

‘Based on the numerous conversations we have had with our largest stockholders over the past 10 days, the board believes that a majority of our stockholders agree that $24 offer is inadequate and does not reflect PeopleSoft’s true value,’ said George ‘Skip’ Battle, chairman of PeopleSoft’s transaction committee.

Oracle has extended its tender offer until 31 December 2004.

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