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.
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.
Some PeopleSoft shareholders want to put a halt to the enterprise software maker's customer refund program to create more favorable conditions for rival Oracle if that company's hostile takeover bid proves successful.
Is PeopleSoft's founder and long-time chief executive back at the helm to accept Oracle's takeover bid, or to dig in for a long-term battle?
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