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Oracle And PeopleSoft Battle Goes On
Two days after PeopleSoft shareholders tendered their stock for Oracle's $24-a-share offer, Oracle asked PeopleSoft's board to accept the offer.
"A majority of PeopleSoft's owners are now prepared to sell at $24 per share, and we are once again requesting that the board immediately redeem the poison pill and exempt the transaction under Delaware Section 203 and allow the shareholders to sell the company they own," stated a letter signed by Jeff Henley, Oracle's Chairman.
Oracle believes that the offer is higher than what they consider to be a fair price. They just made the higher bid to bring an end to the long takeover battle.
PeopleSoft's chariman of the transaction committee, A. George Battle, wrote in a letter, "We would be willing to discuss an offer made by Oracle at an appropriate price -- but $24 is not that price."
PeopleSoft is showing no signs of backing down.
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