Oracle has indicated it remains determined to follow through on its hostile bid to acquire PeopleSoft as the countdown continues to a court ruling on the matter.
A federal judge in San Francisco is expected to rule before the end of September whether Oracle`s $7.7 billion takeover bid can move forward.
The US Justice Department moved to block Oracle`s takeover on grounds it would hurt competition and lead to higher software prices. However, Oracle argues that the acquisition will be good for consumers and sufficient competition will exist in financial and human resources software after the takeover.
Talking to journalists at Oracle OpenWorld in London this week, Oracle president Charles Phillips said it is still uncertain when the ruling would be made. "I would not set much store by the date of 10 September for the ruling," he cautioned, saying it might well be postponed.
Responding to questions about Oracle`s plans for its e-business suite, Phillips said the bid to acquire PeopleSoft would not detract in any way from the development of products. "Oracle`s e-business suite will remain separate from PeopleSoft products," he said.
PeopleSoft`s board has repeatedly rejected Oracle`s takeover offer, first launched in June 2003. As the matter has continued to be unresolved, PeopleSoft shares have dropped around 27% this year to about 21% below Oracle`s current tender offer price of $21.
"I believe most shareholders would like to get their $21 a share," said Phillips. Clearly wishing to steer clear of the controversial topic, Phillips commented that Oracle is constantly reviewing its acquisition strategy.
Phillips concluded by saying Oracle`s acquisition options are constantly growing. "We are looking at lots of different areas, including some companies in related and adjacent markets."
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