PeopleSoft board again says 'no'
Fecha Viernes, junio 20 @ 10:21:00
Tema Banca y Finanzas:: Finances & Big Blue
| Rejection of second Oracle bid again cites antitrust issue.
PeopleSoft on Friday urged shareholders to reject Oracle's sweetened hostile takeover bid.
PeopleSoft said bid undervalued the business software maker and that the proposed combination would face "substantial" regulatory delays.
Shares of PeopleSoft fell 8 cents to $17.53 as trading opened Friday. Oracle (ORCL) shares rose 4 cents to $13.38.
PeopleSoft added that its business would be subject to "irreparable damage" from a merger, given Oracle's stated intention to discontinue PeopleSoft's products. Oracle this week raised its hostile bid for PeopleSoft's stock to $19.50 from $16 a share.
"The Board concluded that the proposed combination of PeopleSoft and Oracle faces substantial regulatory delays and a significant likelihood that the transaction would be prohibited," a statement released by PeopleSoft read.
"Those delays and uncertainties, combined with Oracle's stated intentions to discontinue PeopleSoft's products, would subject PeopleSoft's business to irreparable damage," it said.
PeopleSoft said its board came to the decision "after careful consideration and acting upon the recommendation of a committee of independent directors."
PeopleSoft this week said it was starting a tender offer for shares of J.D. Edwards (JDEC) in an effort to complete that proposed merger quickly. J.D. Edwards shares were unchanged Friday morning.
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