PeopleSoft Drops Court Plans, Oracle Says

By Lisa Vaas  |  Posted 2003-06-11 Print this article Print

PeopleSoft's legal counsel told Oracle it will not seek a temporary restraining order and expedited discovery from the court.

PeopleSoft Inc. has ditched its plans to go to court to block Oracle Corp.s takeover bid, Oracle officials said in a release late Tuesday. According to the release, PeopleSoft had planned to appear in court on Tuesday but contacted Oracle legal counsel to say they would not.
PeopleSoft officials declined to comment.
This is contrary to prior notice from PeopleSofts counsel that the company would seek a temporary restraining order on Oracle, of Redwood Shores, Calif., and expedite discovery from the court. With PeopleSofts resistance to Oracles hostile takeover bid apparently crumbling, Oracle officials once again requested a meeting with PeopleSofts board of directors. Oracle CEO Larry Ellison on Monday had requested both a meeting and a cessation to "frivolous litigation." Now that PeopleSoft has given Ellison half of that wish list, Oracle officials are pressing for the rest. "We are hopeful that this apparent change in course indicates that the PeopleSoft Board will be willing to meet with us to discuss our offer," said Oracle Executive Vice President Safra Catz, in a release. "We have made an all-cash, fully financed offer to the PeopleSoft shareholders. We believe that the PeopleSoft Board can best serve those shareholders by recommending acceptance of our offer." Oracles release also contained advice to stockholders of PeopleSoft, in Pleasanton, Calif. The document urged stockholders to read the Offer to Purchase and related materials "carefully" to digest the terms and conditions of the offer. The Offer to Purchase and related materials are available at the Securities and Exchange Commissions Web site, from Credit Suisse First Boston LLC, the dealer manager for the offer. The purchase offer can also be obtained from MacKenzie Partners, the information agent for the offer, or directly from Oracle.
Lisa Vaas is News Editor/Operations for and also serves as editor of the Database topic center. Since 1995, she has also been a Webcast news show anchorperson and a reporter covering the IT industry. She has focused on customer relationship management technology, IT salaries and careers, effects of the H1-B visa on the technology workforce, wireless technology, security, and, most recently, databases and the technologies that touch upon them. Her articles have appeared in eWEEK's print edition, on, and in the startup IT magazine PC Connection. Prior to becoming a journalist, Vaas experienced an array of eye-opening careers, including driving a cab in Boston, photographing cranky babies in shopping malls, selling cameras, typography and computer training. She stopped a hair short of finishing an M.A. in English at the University of Massachusetts in Boston. She earned a B.S. in Communications from Emerson College. She runs two open-mic reading series in Boston and currently keeps bees in her home in Mashpee, Mass.

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