Oracle has revealed the identities of the four people it will nominate to the board of PeopleSoft as it pushes ahead with its efforts to take control of the company.
The candidates will be formally nominated at PeopleSoft's 2005 annual shareholders' meeting, when the terms of four of PeopleSoft's seven directors expire. PeopleSoft has not yet scheduled the meeting but it is expected to take place between March and May.
Oracle's move sets the stage for a proxy battle to cap 17 months of legal wrangling between the rivals.
Last Saturday, PeopleSoft's board formally rejected Oracle's latest offer, saying it did not reflect the company's market value. However, Oracle said that a majority of PeopleSoft shares had been tendered in favour of the offer, prompting a new wave of legal battles.
In nominating its candidates, Oracle said PeopleSoft's current board members were not acting in their shareholders' best interests in rejecting its latest bid.
PeopleSoft responded soon after, saying the nominations were an attempt to pack the board with members who would accept Oracle's buy-out for an "inadequate price".
Oracle's nominees are Duke Bristow, an economist and director of Arena Pharmaceuticals and Landec, Roger Noall, director of Alleghany, Laurence Paul, managing principal of private equity investment firm Laurel Crown Capital, and Artur Raviv, a finance professor at Northwestern University.
Scarlet Pruitt writes for IDG News Service