Dutkowsky Makes Case for PeopleSoft Deal
J.D. Edwards CEO bashes Oracle's hostile takeover bid for PeopleSoft, saying his deal would be more advantageous.The plot thickened Monday in the enterprise software industrys high-stakes acquisition drama as Oracle Corp. sought to remove one of the barriers to its proposed $5 billion hostile takeover of enterprise software maker PeopleSoft Inc. At the same time J.D. Edwards & Co. Chief Executive Bob Dutkowsky called on PeopleSoft investors to shun Oracle in favor of a $1.7 billion acquisition of his company. Oracle CEO Larry Ellison early Monday afternoon sent a letter urging PeopleSoft CEO Craig Conway to remove the "poison pill" that would likely derail any hostile takeover of the company. Also on Monday, at Denver-based J.D. Edwards Quest Global User Conference in Denver today Dutkowsky made a pitch for PeopleSofts acquisition of his company saying it was better for PeopleSoft customers and investors.
"I believe an Oracle acquisition of PeopleSoft raises such serious anti-trust problems that it will result in months of investigation by the" U.S. Department of Justice and the European Unions antitrust investigators.