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PeopleSoft dumps poison pill rebate
Past sell-by date
PeopleSoft has allowed a pledge to refund its customers if it was acquired to expire.
The company made the guarantee last June as part of its defensive strategy against Oracle's $9.4 billion hostile takeover bid.
PeopleSoft's licensing-fee refund program would have kicked in if the company is purchased within two years and support reduced within four years. The potential liability under the scheme could be up to $1.5bn, enough to poison any deal.
But with the close of PeopleSoft's first fiscal quarter this Wednesday, PeopleSoft has allowed the programme to expire.
PeopleSoft spokesman Steve Swasey told CNETG it had always planned to drop the scheme this quarter.
The company has reserved the right to reinstate the programme. ®