Word: peoplesoft
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When the University payroll system converted to Peoplesoft last October, Touborg said, the pay period for paychecks was shifted. Before, each paycheck was generated partly on the basis of work that had been done and partly on work that was still to be done...
...French broker Aurel Leven. Companies slammed on the merger brakes - which helped shut down an already dragging global economy. Now a new flurry of eye-catching deals is pointing to a recovery. In the U.S., the software company Oracle has launched a $6.3 billion hostile bid for rival PeopleSoft. In Europe, BP and Russia's TNK have signed a $6 billion deal, and a Swiss orthopedics company, Centerpulse, which had an almost sealed deal with Smith & Nephew of the U.K., is suddenly being wooed by a U.S. firm, Zimmer Holding. Investors are thrilled, because all the activity suggests that...
Some analysts concurred. Buying PeopleSoft, they said, would be a onetime adrenaline boost for Oracle, nothing more. The companies are not a natural fit since both are heavily invested in the back office. The only way it makes sense is if Ellison is taking a leaf from the Microsoft playbook: getting bigger, with less competition, is better. Although a combined Oracle-PeopleSoft would not rival SAP's user base, it would be in a more competitive position--and create an ever wider market for Oracle Database. "[Ellison] doesn't need PeopleSoft's products," says Reg King, an analyst...
...being traded like poker chips. Conway says he has received calls of support from 26 of his customers' chief information officers. The majority, he claims, were indignant enough to consider switching from Oracle Database to its Microsoft and IBM rivals. The idea of Oracle splashing out $5.1 billion on PeopleSoft also unnerved investment analysts at Moody's, who downgraded the firm's outlook for Oracle from stable to negative; however, few investors followed suit. Oracle's stock rose to $13.48 at the end of the week, up 3% over the previous week's close...
Ellison has shown no signs of moving from his $16-a-share offer, even though PeopleSoft's stock ended the week at $16.92. In any case, as Kevin Parker, PeopleSoft's chief financial officer, contends, the board's decision to reject the bid is final. And because board members' terms are staggered, it would take a significant shareholder rebellion to overturn...