PeopleSoft President and CEO Craig Conway commented on Oracle's cash tender offer calling it "atrociously bad behavior from a company with a history of atrociously bad behavior. Obviously it is a transparent attempt to disrupt the acquisition of J.D. Edwards by PeopleSoft announced earlier this week," said Conway.
PeopleSoft has gained marketshare against Oracle in the past few years, and earlier this week announced its intent to acquire J.D. Edwards, a leader in mid-market enterprise applications. That announcement was immediately heralded by customers, analysts, computer hardware vendors and systems integrators. "If anyone needed any further validation of the strength of the J.D. Edwards acquisition, we heard it today from Oracle," added Conway.
PeopleSoft and its Board of Directors is required by law to review all cash tenders regardless of intent, and will provide a definitive recommendation to shareholders shortly thereafter. In the meantime, PeopleSoft advises it shareholders to take no immediate action.
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