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Oracle Headed for Proxy Fight

Oracle Headed for Proxy Fight

Larry Ellison said he expects the Justice Department to approve his pursuit of PeopleSoft in October or November while, the Financial Times claims that IBM told the DOJ that an Oracle-PeopleSoft tie-up would significantly limit competition. Maybe IBM's really being a pal and giving Oracle a graceful way out. Oracle executive VP Chuck Philips, the guy they imported from Wall Street and thrust into the middle of the PeopleSoft ruckus, said Wednesday that Oracle was unlikely to raise its $7.25 billion hostile bid for PeopleSoft ahead of regulatory clearance, but claimed "Time will be on our side." Oracle also claims to have support from key PeopleSoft accounts and institutional investors, suggesting a proxy fight could lie ahead. PeopleSoft's stock has been closing in on Oracle's $19.50-a-share offer.

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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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