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.
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.
BEA Systems is expected to let Oracle's US$6.7 billion buyout offer expire, as the two rivals dig their heels in deeper.
European antitrust regulators ruled Tuesday that Oracle can proceed with its hostile takeover bid for PeopleSoft, clearing the last regulatory hurdle in the protracted and sometimes tumultuous battle.
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.
PeopleSoft investors who tendered their stock to Oracle when its hostile bid stood at US$26 a share will find the only price that counts is the latest offer of US$21.
PeopleSoft Chief Executive Craig Conway on Monday continued the war of words in his company's battle to fend off a hostile bid from rival Oracle.
European antitrust regulators are set to announce Tuesday whether they will block Oracle's hostile takeover bid for rival PeopleSoft.
PeopleSoft may be willing to be bought by Oracle, after all--if the price is right.
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.
CEO Larry Ellison and other executives sounded off at Oracle's annual shareholder meeting on Monday, delving into topics such as shareholder dividends, political campaign contributions and--with the PeopleSoft bid a recurring topic--the company's acquisition strategy.
Oracle received a second request for more information from the U.S. Department of Justice on Monday, as federal regulators formally investigate its hostile bid for PeopleSoft for possible antitrust issues.
Software provider BEA Systems said it had "no control" over whether any hostile takeover offer was made, following an indication from Oracle that the company was one of its take-over candidates.
OK. So anti-trust lawyers would have a field day but consider this -- the software giant is on an official spending spree and this is the best time to spread its wings ... to become the Coca-Cola of the IT industry.
After a resounding "no" on its unsolicited buyout offer for Yahoo, Redmond will either up the ante or ready a one-two punch.
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