Vice Chancellor Leo Strine indicated he wants further details on Oracle's revised takeover offer and, particularly, why PeopleSoft's board rejected its competitor's unconditional $24-a-share offer, according to reports in the Associated Press and Dow Jones.
Strine called for a new hearing on Dec. 13 and Dec. 14 to review the matter and take in new evidence, as well as to consider Oracle's request to prevent the application of PeopleSoft's shareholder rights plan, otherwise known as a poison pill.
Oracle and PeopleSoft previously argued their positions in October during a two-week trial in the Delaware Chancery Court. At the conclusion of the trial, which largely focused on the previous considerations the companies gave to the merger and PeopleSoft's customer assurance guarantee program, Strine said he would meet with the parties in late November to further discuss whether more hearing dates would be necessary to review PeopleSoft's poison pill.
The Delaware Chancery Court, historically, has been reluctant to remove a company's poison pill, which floods the market with additional shares and makes a hostile takeover cost-prohibitive.
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- I agree and the PS shareholders see it too.
- I suspect that was why they voted to accept the offer... (Read the rest)
- Posted by: No_Ax_to_Grind Posted on: 11/24/04 You are currently: a Guest | Log in | Terms of Use
Uh Oh, can you say shareholder law suit?
No_Ax_to_Grind | 11/24/04
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What PS needs to worry about now
quietLee | 11/24/04
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I agree and the PS shareholders see it too.
No_Ax_to_Grind | 11/24/04
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