Oracle will see PeopleSoft in court....eventually! The predatory software giant has temporarily called off its legal challenge to have PeopleSoft’s poison pill removed as part of its hostile takeover bid for the firm.
The two companies have agreed that it would not be appropriate to fix a hearing date because of the government's antitrust review of the Oracle tender offer, according to PeopleSoft lawyer Peter J. Walsh Jr. in a letter to Judge Leo Strine Jr. in Delaware Chancery Court papers made public Monday.
"Because the (U.S. Department of Justice) review process is ongoing, we believe that it would be premature to attempt to fix a hearing date for the pending claims, including the claim to compel a redemption of the PeopleSoft (poison) pill," said Allen Terrell Jr., an attorney representing Oracle, in the company's letter to the court.
A new date of 15 September has now been set for the court hearing, which an Oracle spokeswoman said was far enough ahead. “We wanted to set it out far enough to update the court on our progress with the Justice Department," she explained.
But PeopleSoft still plans to proceed with its own lawsuit against Oracle in the Alameda County Superior Court, alleging that the database maker engaged in "unfair business practices" when it launched its hostile bid for the company.
"PeopleSoft has been and is being materially damaged by Oracle's acts of unfair competition, which are interfering on an ongoing basis with PeopleSoft's customer relationships and its ability to attract new customers," said Walsh Jr., in his letter to the court.
He added : "PeopleSoft's California action seeks injunctive relief to prevent further damage to the business, as well as damages in the hundreds of millions of dollars."