Shares Be DamnedPeopleSoft Fights On - Page 2
A company spokesman declined to comment on whether the board decision means PeopleSoft is about to invoke the poison pill bill. The company would have nothing more to say beyond what was stated in its press release, said spokesman Steve Swasey. Any other statements would be "speculative," he said. However, in the release, PeopleSoft noted that it was prepared to go to trial in January at Alameda Country Superior Court, in Oakland, Calif., seeking more than $1 billion in damages on claims that Oracle has engaged in unfair business practices through "a deliberate campaign to mislead PeopleSoft customers and disrupt its business."Oracle launched its hostile buyout bid on June 6, 2003, shortly after PeopleSoft announced that it was buying out another enterprise resource planning software vendor, J.D. Edwards & Co. Since then, both companies have been locked in legal maneuvers as they attempt to prevail in the costly and wearing fight. Oracle prevailed after PeopleSoft lost out in a string of lawsuits and regulatory decisions in the United States and in Europe. The U.S. Justice Department blocked the Oracle buyout on the grounds that it violated antitrust law. But a U.S. District Court decision in September overturned that finding. The Justice Department declined to appeal the court decision. Check out eWEEK.coms for the latest news, reviews and analysis about productivity and business solutions.
PeopleSoft also indicated that it planned to carry the proxy fight to its 2005 annual meeting in February. PeopleSoft has engaged Innisfree M&A Inc. to solicit proxies from shareholders.