Oracle Chairman and Chief Executive Officer Larry Ellison has asked to be allowed to talk to the board and shareholders of
PeopleSoft, the software company for which Oracle made a hostile bid late last week. Ellison also asked PeopleSoft not to
make good its threat to begin litigation against Oracle.
In a letter to PeopleSoft's CEO Craig Conway, Ellison said he wanted to discuss further Oracle's $16 per share bid for PeopleSoft,
which he described as offering "a compelling future" for PeopleSoft customers and "full and fair value to PeopleSoft stockholders."
Ellison wrote that Conway's duties to PeopleSoft shareholders "require a full and fair review [of Oracle's offer] done in
good faith."
Ellison said that PeopleSoft's intention to start litigation against Oracle was "frivolous" and urged that PeopleSoft abandon
its poison pill defense against Oracle's takeover bid.
PeopleSoft has angrily rejected Oracle's $5.1 billion cash offer, an offer that has also been criticized by executives at
J.D. Edwards, which PeopleSoft agreed to acquire last week for $1.7 billion in stock.
Ellison wrote he was concerned that "you [Conway] have taken a negative position with respect to the merits and motivations
behind our offer before you and the PeopleSoft board have taken the time required to consider the offer."
Timeline:
Monday June 2:
-- PeopleSoft announces intention to buy J. D. Edwards for $14.10 per share, valuing the company at $1.7 billion.
Friday June 6:
-- Oracle launches $16 per share bid for PeopleSoft, valuing the company at $5.1 billion
-- PeopleSoft blasts Oracle bid, saying its intention is to disrupt PeopleSoft's acquisition of J. D. Edwards
Monday June 9:
-- J.D. Edwards confirms intention to merge with PeopleSoft, criticizes Oracle bid
-- Oracle requests hearing with PeopleSoft board
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