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News PeopleSoft Says "No": Just Nine More Days and Oracle May Walk Away
PeopleSoft Says "No": Just Nine More Days and Oracle May Walk Away
By: Jeremy Geelan
Nov. 10, 2004 12:00 AM
At $24 per share, the "best and final" offer made by Oracle "substantially undervalues" the company, says the board. In other words $8.8BN is not enough. Larry Ellison intends to stick to the November 19 deadline by which date PeopleSoft shareholders have been told they need to tender their shares for the takeover to go ahead. The offer is good till midnight that day. So in nine days time it may all be over. One way or the other. "Oracle has been at this for a year and a half," said Larry Ellison in a statement, "and it's now time to bring this matter to a close." If $24 a share isn't enough, that's just too bad, Ellison maintains: "Beyond that, there are better uses of our capital including other acquisitions and repurchasing our own shares." It will be an interesting nine days.
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The PeopleSoft board today issued a statement to its shareholders recommending them not to tender their shares to Oracle.
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