PeopleSoft Shareholders Give Oracle Green Light

Oracle Relevant Products/Services from Oracle, backed by what the company views as a favorable response from PeopleSoft Latest News about PeopleSoft stockholders, is applying more pressure in an effort to complete its proposed US$9.2 billion hostile takeover. As of midnight Friday, the deadline imposed by Oracle for acceptance of its offer of $24 per share for PeopleSoft stock, some 60 percent of PeopleSoft's outstanding shares had been tendered by stockholders, Oracle said.

Seeking Closure

"The owners of PeopleSoft have spoken and have overwhelmingly chosen to sell to Oracle at $24 per share," says Oracle CEO Larry Ellison in a statement. "We believe it is time to bring this matter to a close, for the good of PeopleSoft's shareholders, customers and employees." In response to the tender offer results, PeopleSoft's board of directors is standing firm, reasserting its position that the latest offer from Oracle is inadequate.

News source: NewsFactor

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