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 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 and its director nominees for PeopleSoft's board have met with an influential shareholder group, in an effort to persuade it to recommend the opposition slate to institutional investors.
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.
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