Oracle Stages a Proxy War

November 29, 2004

In its latest pitch to take over its rival, Oracle (Quote, Chart) said it has initiated plans for a proxy fight this spring.

The Redwood Shores, Calif.-based software giant said it will nominate four men for PeopleSoft's (Quote, Chart) board of directors to take the control it needs to complete its hostile takeover bid of $24-per-share.

On November 10, the PeopleSoft Board of Directors rejected Oracle's tender offer stating that they believed PeopleSoft is worth substantially more than Oracle's $24 per share offer. Oracle's only response has been to repeatedly state that its $24 offer is "best and final."

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