Ellison Not Backing Down on PeopleSoft Bid
Following PeopleSoft Inc.s announcement on Monday that it had amended its merger agreement with J.D. Edwards & Co., Oracle Corp. CEO Larry Ellison vowed to steam ahead with Oracles hostile takeover bid.
"PeopleSoft is doing everything it can to prevent its shareholders from voting," Ellison said late Monday. "If PeopleSofts board is so convinced that the J.D. Edwards acquisition is a great deal, why wont they let their shareholders vote on it?"
PeopleSoft on Monday made the J.D. Edwards deal more attractive by offering half cash, thereby obviating the need for either companys shareholders to vote on the deal.
A statement issued by Oracle Monday evening said that Oracle intends to proceed with its offer and once again urged stockholders to read the Offer to Purchase carefully.