Increasing competitive pressure from SAP and the entry of Microsoft into the business applications market spurred Oracle to launch its hostile bid for PeopleSoft last year, Oracle CEO Larry Ellison testified on Wednesday.
CEO Larry Ellison and other executives sounded off at Oracle's annual shareholder meeting on Monday, delving into topics such as shareholder dividends, political campaign contributions and--with the PeopleSoft bid a recurring topic--the company's acquisition strategy.
In a letter to shareholders, PeopleSoft chief executive Craig Conway defended his company's rejection of a hostile US$9.4 billion buyout bid from Oracle and asked shareholders to reject Oracle's attempt to gain control of its board.
PeopleSoft has amended a lawsuit against Oracle that charges its rival's unwelcome acquisition bid was mainly designed to disrupt its business.
Oracle is muscling in on SAP's bid to buy software maker Retek, saying it plans to best its rival's US$8.50 per share offer with a US$9 bid on Wednesday in the US.
Increasing competitive pressure from SAP and the entry of Microsoft into the business applications market spurred Oracle to launch its hostile bid for PeopleSoft last year, Oracle CEO Larry Ellison testified on Wednesday.
Is Oracle's recent slowdown in the applications business a one-time fluke or just the latest setback in a troublesome area for the software maker? Additional reading: Oracle ruling highlights complexity of market
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