REDWOOD SHORES, Calif., Sept. 9, 2004 LAWFUEL – Best for law news, law, legal news, attorneys, legal research Oracle Corporation (Nasdaq: ORCL) announced today that it has prevailed in a lawsuit filed by the Department of Justice seeking to block its proposed acquisition of PeopleSoft, Inc. (Nasdaq: PSFT). The decision removes a significant roadblock to the acquisition.
“This decision puts the onus squarely on the board of PeopleSoft to meet
with us and to redeem their poison pill so that the shareholders can accept
our offer,” said Oracle Chairman Jeffrey O. Henley.
Oracle’s tender offer for all of PeopleSoft’s shares at $21.00 per share
in cash represents a premium of 17% ($17.95) to close of market on September
9, 2004, and a premium of 39% ($15.11) to close of market on June 5, 2003, the
day before Oracle originally announced its bid to acquire PeopleSoft.
The solicitation and the offer to buy PeopleSoft’s common stock is only
made pursuant to the Offer to Purchase and related materials that Oracle
Corporation and Pepper Acquisition Corp. filed on June 9, 2003, as amended and
restated on February 12, 2004 and as subsequently amended. Stockholders
should read the Amended and Restated Offer to Purchase and related materials
carefully because they contain important information, including the terms and
conditions of the offer. Stockholders can obtain the Amended and Restated
Offer to Purchase and related materials free at the SEC’s website at
http://www.sec.gov, from Credit Suisse First Boston LLC, the Dealer Manager for the
offer, from MacKenzie Partners, the Information Agent for the offer, or from
Oracle Corporation.
