Well, hallelujah and praise be, that did indeed come to pass within the past hours. The DoJ pulled the plug.
Perhaps it was the cynic in me that foresaw profit pushing PeopleSoft shareholders into the belly of the database beast. Thats what happens when you talk to too many financial services and stockholder types, many of whom said they wanted to get their hot little hands on that money.
And after all, as Oracle President Chuck Phillips told eWEEK Department Editor John S. McCright and Senior Writer Brian Fonseca, plenty of PeopleSoft stockholders told the company theyd "love to have access to the $26 [per share] in cash."
As far as PeopleSofts strategy goes, what once had the aura of egotism now appears to be a blueprint for success in fending off unwelcome advances. PeopleSofts board and executive management dug in its heels, refused to meet with Oracle to discuss the offer, and declined an invitation to attend the J.D. Edwards users conference (a venue that Oracle execs gladly leaped upon).
Now that the DoJ has announced its intention to block the $9.4 billion deal, this stubborn, poison pill-like attitude, this "Id rather eat my left foot first" approach, has the markings of genius. Mark my words, tomorrows scholars of corporate governance will be studying PeopleSofts strategy.