Monday, June 16, 2003
Oracle/PeopleSoft UpdateNow PeopleSoft is also suing Oracle, claiming the Redwood City company is out "to injure PeopleSoft, and to cripple its ability to compete." Cripple? Oracle wants to put PeopleSoft out of business! But quite legally, by buying up all the stock.
If I were a PeopleSoft (or, for that matter, a J.D.Edwards) stockholder I'd really want to know what's got these CEOs' knickers in such a twist...
In a full page ad in today's San Jose Mercury-News, PeopleSoft CEO Craig Conway repeats the outrageous idea that he's rejecting the acquisition because it raises anti-trust questions. Questions that weren't raised, evidently, when Conway discussed merging PeopleSoft's and Oracle's applications divisions in conversations with the Redwood City company just six months ago! He also, rather disingenuously, mentions that PeopleSoft has implemented a number of "poison pill" provisions to thwart an unfriendly acquisition but fails to mention the exorbitant "golden parachute" he's set up for himself. Mr. Conway appears to be mostly concerned with his own future, not his company's and certainly not the PeopleSoft shareholders.
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