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PeopleSoft fields directors to counter Oracle bid

PeopleSoft has moved forward the date of its annual meeting and is fielding a slate of its own directors to thwart rival Oracle's  hostile takeover bid.

The PeopleSoft board voted to hold its annual meeting on 25 March, more than a month ahead of when the meeting took place last year. PeopleSoft said it was also fielding four existing directors for reappointment, responding to Oracle's own proposed slate of pro-merger directors. 

Any stockholder of record as of 10 February will be eligible to vote. 

The Oracle bid is being held up by the federal government, which is looking into the possible antitrust implications of the bid. 

Oracle reacted to the PeopleSoft move by calling it a ploy to keep investors in the dark over PeopleSoft's earnings. 

"We are not surprised that PeopleSoft management wants its shareholders to vote on its board slate before they have a chance to see the results of the first quarter, particularly since PeopleSoft just lowered its guidance for the quarter," Oracle said.

"Fortunately, this will not prevent PeopleSoft shareholders from having an opportunity to vote for the independent slate, which Oracle proposed on 23 January."

Marc L Songini writes for Computerworld


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