Oracle v. PeopleSoft

Counsel for Oracle retained Cornerstone Research and a finance professor to analyze the valuation methodologies used by PeopleSoft.

Retained by Davis Polk & Wardwell and by Richards, Layton & Finger

In 2003, Oracle initiated a hostile takeover of PeopleSoft. Over the next eighteen months, Oracle made multiple offers, all of which PeopleSoft rejected as being inadequate. PeopleSoft also took defensive measures that were challenged by Oracle.

The parties resolved their differences and announced a merger agreement.

Counsel for Oracle retained Cornerstone Research and a finance professor to analyze the valuation methodologies used by PeopleSoft, to evaluate the bases for PeopleSoft’s rejection of Oracle’s offers, and to estimate the premium represented by each offer. Our expert presented his findings at a 2004 hearing. The parties resolved their differences and announced a merger agreement.