No court for PeopleSoft, says Oracle
The business software maker has canceled its plans to seek a restraining order against Oracle and its hostile takeover bid, according to the database giant.
Redwood Shores, Calif.-based Oracle said it had earlier been advised by PeopleSoft's lawyers that the software company planned to file a complaint in the Alameda Superior Court aimed at suspending its bid to acquire PeopleSoft. But, contrary to the warning, PeopleSoft did not commence litigation, Oracle said.
"We are hopeful that this apparent change in course indicates that the PeopleSoft board will be willing to meet with us to discuss our offer," Safra Catz, an Oracle executive vice president, said in a statement. "We have made an all-cash, fully financed offer to the PeopleSoft shareholders. We believe that the PeopleSoft board can best serve those shareholders by recommending acceptance of our offer."
A representative for PeopleSoft declined to comment on its legal strategy, but said the company's board will review Oracle's offer and make a recommendation in due course.
The Oracle-PeopleSoft saga began last week after Pleasanton, Calif.-based PeopleSoft announced it intended to buy rival J.D. Edwards for $1.7 billion and in the process leap ahead of Oracle in the business application market.
Just days later, Oracle announced that it had launched its own attempt to acquire PeopleSoft and move the company's existing customers to Oracle products. The takeover bid expires July 7.
PeopleSoft CEO and former Oracle employee Craig Conway denounced the move as "atrociously bad behavior."