PeopleSoft set the stage for a tussle with Oracle for boardroom control by announcing on Friday that it will hold an annual shareholder meeting and director election on March 25.
Oracle chalked up a key victory Friday in its battle to acquire PeopleSoft, with investors agreeing to sell the suitor 60 percent of PeopleSoft's outstanding shares.
Oracle remains committed to acquiring PeopleSoft despite a number of obstacles and a protracted regulatory review of the proposed merger, Oracle executives said Monday.
PeopleSoft's board of directors has rejected Oracle's lowered bid to take over the company, calling the price "inadequate."
Oracle said Wednesday that it has increased its cash offer for enterprise software maker PeopleSoft to US$26 per share, presenting its rival's shareholders with a US$9.4 billion hostile takeover bid.
With so many forces mounting opposition to Oracle's hostile bid to buy PeopleSoft, cooler heads might suggest it's time to call it quits. But Oracle CEO Larry Ellison has never been one to follow conventional wisdom. Additional reading: Protect your software assets
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