Close
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Applications
    • Applications
    • Database

    Oracle Puts Forth Slate for PeopleSoft Board

    Written by

    eWEEK EDITORS
    Published November 25, 2004
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      Oracle Corp. has announced its candidates for PeopleSoft Inc.s board of directors, in a plan that would allow Oracle to take control of PeopleSofts board and finalize a takeover deal.

      PeopleSoft has repeatedly rejected Oracles buyout offers, most recently this week after a majority of PeopleSoft shareholders indicated they were willing to sell. If Oracles four candidates are approved by shareholders in a PeopleSoft general meeting in the spring, the board would be able to proceed with throwing out a “poison pill” anti-takeover measure and scrapping a controversial customer rebate plan.

      Oracle is also engaged in a Delaware court battle to force PeopleSoft to take these two actions; the judge, Vice Chancellor Leo Strine, has extended the case by scheduling additional hearings for Dec. 13 and 14. Strine said he wanted to hear why PeopleSofts board continued to reject the buyout offer, after Oracle declared it had received tender offers for more than 60 percent of PeopleSofts outstanding shares by a deadline of midnight last Friday.

      Oracle has returned to the list of five candidates it put forward in an attempted proxy battle last year. Because PeopleSoft reduced its board from nine to eight last month, after firing CEO Craig Conway, only four members are needed to control the board.

      /zimages/1/28571.gifClick here to read Lisa Vaas take on what Oracles biggest priority should be, regardless of the success or failure of the takeover.

      The candidates are Duke K. Bristow, Ph.D, an economist at UCLAs Anderson School of Management; Roger Noall, former senior executive vice president and chief administrative officer of bank holding company KeyCorp; Laurence E. Paul, managing principal of Laurel Crown Capital, LLC, a private equity investment firm; and Artur Raviv, a professor of finance at Northwestern Universitys Kellogg School of Management.

      They would replace PeopleSoft chairman and CEO David Duffield, Vice Chairman Aneel Bhusri, and independent directors Steven Goldby and Michael Maples.

      “Though a large majority of the stockholders have already indicated their desire to sell, the current board appears intent on obstructing the will of the stockholders,” said Jeff Henley, Oracles chairman of the board, in a statement. “We plan to give them a choice.”

      The plan is likely to mean heavy campaigning on both sides ahead of the springs general meeting, with the debate revolving around PeopleSofts real market value. Oracle maintains a “fair” price is $21 per share, and that its offer of $24 per share is generous. PeopleSofts board of directors and several major shareholders maintain the shares are worth more.

      /zimages/1/28571.gifClick here to read about Jeff Henleys letter to PeopleSoft, in which he urged the company to allow shareholders to sell the company they own.

      PeopleSoft said that many shareholders had tendered their shares in order to keep the possibility of a deal open, while continuing to hold out for a higher price. However, this argument may not hold water with the Delaware court. Some industry observers say that the decision could well go against PeopleSoft in light of shareholders evident approval of Oracles offer.

      /zimages/1/28571.gifCheck out eWEEK.coms for the latest database news, reviews and analysis.

      eWEEK EDITORS
      eWEEK EDITORS
      eWeek editors publish top thought leaders and leading experts in emerging technology across a wide variety of Enterprise B2B sectors. Our focus is providing actionable information for today’s technology decision makers.

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      9 Best AI 3D Generators You Need...

      Sam Rinko - June 25, 2024 0
      AI 3D Generators are powerful tools for many different industries. Discover the best AI 3D Generators, and learn which is best for your specific use case.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Artificial Intelligence

      8 Best AI Data Analytics Software &...

      Aminu Abdullahi - January 18, 2024 0
      Learn the top AI data analytics software to use. Compare AI data analytics solutions & features to make the best choice for your business.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Video

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2024 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×