Oracle Ups The Bid For PeopleSoft

The corporate battle between Oracle and PeopleSoft continues as Oracle ups its bid to take over rival software maker PeopleSoft. Oracle "sweetened the deal" by 22% offering PeopleSoft shareholders a price of $19.50 a share, up from its original bid of $16.00 a share last week.

The Board of PeopleSoft will "consider" the revised offer, but is still fighting to maintain control of the company. They are urging shareholders to "take no action at this time."

Meanwhile, the state of Connecticut filed a federal lawsuit trying to block the hostile takeover, claiming that it violates both state and federal antitrust laws.

Connecticut recently signed a five year deal with PeopleSoft and spent over $80 million to upgrade its systems and train its people in the migration towards PeopleSoft products. The state is concerned that a takeover of the company would result in an abandonment of the PeopleSoft product line, causing the state to lose tens of millions of dollars.

Oracle spokespeople have indicated that they plan on supporting the current PeopleSoft product line, but do not envision offering the product to any new customers.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.