Friday, September 10, 2004

WSJ.com - Court Says Oracle Can Pursue Bid For PeopleSoft in Antitrust Ruling

WSJ.com - Court Says Oracle Can Pursue Bid For PeopleSoft in Antitrust Ruling "Oracle still faces a number of hurdles before it can swallow PeopleSoft, including a possible antitrust challenge by European regulators. But the decision significantly increases pressure on PeopleSoft's board to reconsider Oracle's most recent offer of $21 a share, which it rejected in May. In after-hours trading after the decision was released, PeopleSoft's shares surged 14% to $20.41, as investors bet that the ruling would make a deal more likely.
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The ruling vindicated Mr. Ellison's bold move for PeopleSoft, and his unusual decision to challenge a government antitrust case. Mr. Ellison has long advocated consolidation among software suppliers, arguing that too many companies are competing for slices of corporate technology spending that is unlikely to ever return to the super-charged levels of the late 1990s.
Marc Benioff, chief executive of Salesforce.com, and like Mr. Conway a former Oracle executive, said the takeover battle has been a matter of personal pride for Mr. Ellison, a billionaire world-class sailor. "To Larry, this is like the America's Cup -- he wants to win," Mr. Benioff said."
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