2. TAKEOVER TIMELINE
June 6
• Oracle announces to make a tender offer for all PeopleSoft shares at $16
per share
• Last day’s price - $15.11 per share
June 8,
• Board of directors meeting
• Transaction committee formed of independent directors to evaluate the
offer and decide in shareholders’ best interest
• Discuss customer and market reaction
June 11
• Board decided to pursue two responses to thwart Oracle’s hostile takeover
attempt and improve customer confidence
• --- Poison Pill
• --- Customer Assurance plan
3. TRANSACTION COMMITTEE’S
CONCLUSION
• Undervalued offer – less than 6% premium -
• Long regulatory approval process and combination
might not get approved
• Offer created barriers to company’s success and had
negative impact on its financial performance