Saturday, November 20, 2004

WSJ.com - Oracle Receives Mandate From PeopleSoft Shareholders

WSJ.com - Oracle Receives Mandate From PeopleSoft Shareholders: "Oracle Corp. won the backing of 60.8% of PeopleSoft Inc. shares Friday in a crucial tender vote that could decide whether PeopleSoft remains an independent company.
The substantial margin of victory suggests that PeopleSoft's shareholders are solidly behind the Oracle merger, though some have urged the database maker to raise its $24-a-share price.
In a press release, Oracle called on PeopleSoft's board to meet and close a deal over the weekend. The company had set Friday as the deadline for its tender offer, vowing to walk away from the transaction if investors did not turn over a majority of outstanding shares.
'The owners of PeopleSoft have spoken and have overwhelmingly chosen to sell to Oracle at $24 per share,' said Oracle Chief Executive Larry Ellison in a prepared statement. The company extended its tender offer to Dec. 31."
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