Oracle continues PeopleSoft bid

Oracle Corp. would buy PeopleSoft even if PeopleSoft completes its acquisition of J.D. Edwards and Co., company officials said.

and Co., Oracle officials said. The announcement marked the latest move in Oracle's ongoing hostile takeover bid.

PeopleSoft's acquisition of Edwards was already under way when Oracle launched its bid early this month. PeopleSoft executives have characterized Oracle's bid as "bad behavior," and the company's board voted to reject Oracle's initial offer of $16 a share. Oracle soon increased the offer to $19.50 a share, or about $6 billion total.

PeopleSoft's board has voted twice to recommend that shareholders reject the offers, once at each price level. The board cites anti-trust issues

"Oracle's offer undervalues the company and is not in the best interest of PeopleSoft stockholders," said PeopleSoft president and chief executive officer Craig Conway in a statement. "It is highly conditional, faces significant regulatory delays and uncertainty, and threatens serious damage to our business."

In an open letter to PeopleSoft customers, Oracle promised not to shut down PeopleSoft applications or force customers to migrate to its e-business suite. "Don't be a victim of scare tactics," reads the letter, which is posted on Oracle's Web site. "We would not offer more than $6 billion in cash unless we really wanted you to be our customers."

In the letter, Oracle also promised to "develop and improve PeopleSoft's products for at least the next 10 years — even longer, if customers require further support.


  • Defense
    Ryan D. McCarthy being sworn in as Army Secretary Oct. 10, 2019. (Photo credit: Sgt. Dana Clarke/U.S. Army)

    Army wants to spend nearly $1B on cloud, data by 2025

    Army Secretary Ryan McCarthy said lack of funding or a potential delay in the JEDI cloud bid "strikes to the heart of our concern."

  • Congress
    Rep. Jim Langevin (D-R.I.) at the Hack the Capitol conference Sept. 20, 2018

    Jim Langevin's view from the Hill

    As chairman of of the Intelligence and Emerging Threats and Capabilities subcommittee of the House Armed Services Committe and a member of the House Homeland Security Committee, Rhode Island Democrat Jim Langevin is one of the most influential voices on cybersecurity in Congress.

Stay Connected


Sign up for our newsletter.

I agree to this site's Privacy Policy.