PeopleSoft urges shareholders to reject Oracle nominees

PeopleSoft has sent letters to its shareholders encouraging them to reject nominees that Oracle has put forward for the company's...

PeopleSoft has sent letters to its shareholders encouraging them to reject nominees that Oracle has put forward for the company's board, warning them that "the future of your company and the value of your investment are at stake".

The plea was sent in anticipation of PeopleSoft's upcoming annual stockholder meeting on 25 March.

Earlier this month, Oracle sent its own missive to PeopleSoft stockholders, asking them to vote at the annual meeting to expand PeopleSoft's board from eight members to nine, and elect five of its candidates.

After having its takeover bids for PeopleSoft repeatedly rejected by the company's board since its initial bid last June, Oracle has moved to sway influence by populating the board with its own nominees.

In the letter, PeopleSoft railed against the Oracle nominees, saying that they were chosen in an attempt to damage the company's value.

Oracle, on the other hand, argued that PeopleSoft has denied its shareholders the choice of accepting its now $9.4bn offer.

While the companies campaign for votes at the 25 March meeting, a decision by the US Department of Justice in coming days could stymie any takeover attempt.

The DoJ is expected to make its decision on whether the proposed deal raises anticompetitive concerns no later than 2 March.

Scarlett Pruitt writes for IDG News Service

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