Another Wrench in Oracle's Merger Machine

PeopleSoft's array of antitakeover defenses was strong before Wednesday's announcement. Conway's weapons include a poison pill that could make a takeover prohibitively expensive by diluting the number of outstanding shares, and bylaws provisions that forbid shareholders from calling special meetings or launching proxy fight outside a meeting called by the board.

The delays could well allow PeopleSoft to complete the J.D. Edwards merger (though that transaction could also be delayed by a possible DOJ review), which will make the already complex acquisition significantly even more complex and even more expensive.

Score this round for PeopleSoft.