PeopleSoft Shareholders File Suit

Friday Nov 7th 2003 by Staff

A group of shareholders is upset the company is poisoning Oracle's chances of taking over the company.

PeopleSoft Shareholders File Suit [From]

In the latest in a long string of maneuvers, a group of shareholders filed a motion to prevent PeopleSoft from refunding customers in the event Oracle is successful in its hostile takeover plans.

The motion, filed Thursday afternoon at the Court of Chancery, State of Delaware, seeks to prevent PeopleSoft executives from putting a "poison pill" in any offer made by Oracle or other companies.

A Wall Street Journal report stated the motion will bar PeopleSoft from offering refunds of between two to five times the license fees in the event Oracle is able to acquire the company.

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