Pleasanton, Calif . (June 19, 2003) Oracle Corp. stepped up its pursuit of rival enterprise resource planning software developer PeopleSoft Inc. by reportedly increasing its cash tender offer by 22 percent to about $6.3 billion, and planning a lawsuit against the target company's amended merger agreement with J.D. Edwards, another enterprise vendor.
"Oracle remains committed to acquiring PeopleSoft and will not be deterred by management's maneuvers to maintain control of a company they do not own," Oracle chairman and chief executive Larry Ellison said, according to Reuters.
Oracle Corp. is related to the accounting industry primarily through Ellison's investment in NetLedger, developer of an Oracle Small Business Suite, an Internet-based business management software that it distributes through a channel that includes accountants. Pleasanton, Calif. -based PeopleSoft is best known for marketing to Fortune 1,000 companies, which would primarily use Big Four firms for accounting services.
Oracle announced its original bid for PeopleSoft a few days after that company announced its merger plans with J.D. Edwards.
-- WebCPA staff
