PeopleSoft's financial condition may have deteriorated by as much as one-third since the start of the year, a top Oracle executive said Monday during courtroom testimony.
PeopleSoft investors voted overwhelmingly to re-elect the company's board of directors on Thursday, giving the software maker some breathing room in its battle to avert Oracle's hostile takeover bid.
Oracle director Joseph Grundfest acknowledged during courtroom testimony Thursday that the company's US$21-a-share offer for PeopleSoft may not be its last.
A PeopleSoft board member testified Monday that former CEO Craig Conway was fired in large part because of his reckless exaggeration to Wall Street analysts when informing them last year that Oracle's offer to buy the company was no longer a disruptive influence.
Three days before Oracle publicly announced its intention to buy PeopleSoft, the deal was already viewed as a way to sow seeds of doubt in the minds of PeopleSoft customers.
The Oracle antitrust trial isn't the only thing that's throwing PeopleSoft off track these days, according to financial analysts.
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