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Oracle v. PeopleSoft: A Case Study
David Millstone Independent Guhan Subramanian Harvard Business School Harvard Negotiation Law Review, Forthcoming Abstract: This case describes Oracle's hostile takeover bid to acquire PeopleSoft, which began with an unsolicited cash tender offer at $16.00 per share in June 2003 and ended with a negotiated deal at $26.50 per share in December 2004. Novel questions of corporate law are raised by the prolonged use of a poison pill against a structurally non-coercive, all-cash, fully-financed offer; as well as PeopleSoft's unprecedented Customer Assurance Program (CAP), which promised PeopleSoft customers between two and five times their money back if Oracle acquired PeopleSoft and then reduced support for PeopleSoft products. This case study will be published as part of a dealmaking symposium in the Harvard Negotiation Law Review, followed by commentaries from practitioners involved in the deal, judges, and academics.
Keywords: Takeovers, Oracle, PeopleSoft, poison pill, takeover defense JEL Classifications: G34, K22, L40, L86 Accepted Paper SeriesDate posted: October 12, 2005 ; Last revised: February 01, 2006Suggested Citation |
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