Defining the word unsurprising, PeopleSoft's board of directors unanimously rejected Oracle's "best and final" $24 per share offer for the company. Along with its rejection, the PeopleSoft board advised investors not to tender their shares in support of Oracle's bid.
"The Board concluded that PeopleSoft is worth substantially more than Oracle's latest offer," said PeopleSoft CEO David Duffield. "We are a vibrant, strong company with a focused, motivated management team and employee base dedicated to executing on the Company's plan."
PeopleSoft assured investors that it took Oracle's latest offer very, very seriously. It thoroughly reviewed the hostile takeover proposal and even asked for the opinions of advisors Citigroup Global Markets and Goldman Sachs.
Oracle, however, will continue on with its bid for PeopleSoft at least until Nov. 19. That's when its $24 per share offer expires. Oracle wants to see PeopleSoft investors tender at least half their shares to back up the takeover. Otherwise, Oracle will walk away from the 17-month old battle to acquire the software maker.
"Oracle has been at this for a year and a half and it is now time to bring this matter to a close," said Oracle CEO Larry Ellison. "On November 19th, we will respect the will of the shareholders." ®