Shares Be DamnedPeopleSoft Fights On
Despite shareholders having tendered 60 percent of outstanding shares, PeopleSoft is sticking to its guns, rejecting Oracle's $24/share bid and calling it "inadequate."Despite its suitors announcement that shareholders had tendered more than 60 percent of outstanding shares of PeopleSoft Inc., the beleaguered companys board of directors on Saturday unanimously voted to reject Oracle Corp.s latest $24 per share buyout bid on the grounds that it is "inadequate." After meeting Saturday morning, the PeopleSoft board "unanimously reaffirmed its previous conclusion that Oracles latest offer is inadequate and that the company is worth substantially more than the $24 per share offered by Oracle." The board is standing firm on its belief that the companys business plan creates superior value for stockholders. Oracle announced early Saturday that it had received tender offers for a majority of PeopleSoft shares. It called on PeopleSofts board to meet with Oracle officials for talks aimed at reaching a definitive merger agreementif possible, before the market opens on Monday.
"Based on 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 the Oracle $24 offer is inadequate and does not reflect PeopleSofts real value," said A. George Battle, chairman of the boards Transaction Committee, in a statement.