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Journalism of Courage
Peoplesoft Inc will push ahead with a new marketing alliance and other initiatives in the face of a court ruling that raises the chance that Oracle Corp’s $7.7-billion hostile takeover bid could succeed, PeopleSoft’s Chief executive said on Tuesday.
PeopleSoft CEO Craig Conway announced that PeopleSoft and computer giant International Business Machines Corp had struck an agreement that would involve the two companies jointly selling their products and investing around $1 billion over five years in joint research ventures.
‘‘We’re not slowing down … (the takeover) has stretched our resources and challenged our values, but we didn’t give up and we’re not going to give up,’’ Conway told hundreds of customers.
Conway’s comments, at a gathering of PeopleSoft customers in San Francisco, were his first in public since a US Judge in San Francisco ruled about two weeks ago that Oracle can move forward with its hostile takeover effort.
On Tuesday, Oracle blasted PeopleSoft for having announced increased pay for staff last week, saying it was intended to boost the cost of takeover. PeopleSoft, which has spent at least $70 million fighting Oracle’s takeover, could see anywhere from 6,000 employees to 10,000 employees laid off if Oracle succeeds.
