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Posted Feb 18, 2004

Oracle Lobbies PeopleSoft Shareholders

By Staff


Oracle (Quote, Chart) moved to spark interest in its latest $9.4 billion offer for rival PeopleSoft (Quote, Chart) by sending a letter to PeopleSoft shareholders asking them to support its revised bid and suggested board candidates.

The letter, signed by Oracle CEO Larry Ellison and CFO and Chairman Jeff Henley, reaffirms the enterprise software maker's "final" $26 per share bid for applications rival PeopleSoft. The offer represents an 18.8 percent premium over PeopleSoft's current market value.

Ellison and Henley ask shareholders to take a number of steps: commit their shares in Oracle's tender offer by March 12; elect five board candidates nominated by Oracle; and approve Oracle's proposal to increase the PeopleSoft board to nine members at the PeopleSoft stockholder meeting March 25.

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