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Insight - So what now?
(From Financial Director)
Byline: Kevin Reed.
The takeover saga, which began on 6 June 2003 with a $5.1bn bid at $16 per share, was a bitter and protracted one. Oracle CEO Larry Ellison (pictured) and PeopleSoft's Craig Conway waged a verbal war that was as much personal as it was about market consolidation. Meanwhile, barely veiled threats were released through the SEC, investment community and to the press on regular occurrences.
Ellison argued that Conway had spoken to him regarding a merger in 2002, but the proposed deal was not the right one at the time.
Oracle's (then vice) president Chuck Phillips defended Oracle's bid, countering claims that the deal was just a ruse to disrupt PeopleSoft's acquisition of mid-market business software provider JD Edwards.
The US Department of Justice's efforts to win an anti-trust case against Oracle failed, while the European Commission also deemed the takeover bid was not anti-competitive.
By February 2004, Ellison increased the bid for PeopleSoft to $9.4bn - at $26 a share, a 19% premium.
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