Oracle (ORCL) - Get Report delivered on its promise that it would produce a slate of directors for nomination at PeopleSoft's (PSFT) annual shareholder meeting next spring, but PeopleSoft repeated its mantra that the $24-a-share takeover offer is inadequate.
Late Wednesday, Oracle said PeopleSoft's current roster of board members "is not acting in the best interests of stockholders and that a large majority of those stockholders are in favor of a change."
To that end, Oracle will nominate four directors:
Duke K. Bristow, an economist and a director at
Roger Noall, chief administrative officer of
Laurence E. Paul, managing principal of Laurel Crown Capital, a private equity investment firm; and
Artur Raviv, a finance professor at Northwestern University.
Oracle's announced slate comes
less than a week after PeopleSoft said it would continue to resist Oracle's advances, despite 61% of its shares being tendered into the bid just before the offer's deadline.
"Though a large majority of the stockholders have already indicated their desire to sell, the current board appears intent on obstructing the will of the stockholders," Oracle said Wednesday. "We plan to give them a choice."
Despite the vote's results, PeopleSoft says a majority of shareholders think Oracle's bid is still too low. "We believe that Oracle has nominated this slate to allow Oracle to purchase PeopleSoft for an inadequate price that does not reflect the company's real value," PeopleSoft said Wednesday.