In a bid to populate the PeopeSoft board with executives supportive of its hostile takeover bid, Oracle has warned that it is gearing up for a boardroom battle.
The database firm said that it intends to use the PeopleSoft 2005 annual shareholders' meeting to nominate four candidates for election to the takeover target's board.
"We have notified the PeopleSoft board of our intention to run an alternative slate of directors at the 2005 annual meeting," said Oracle chairman Jeff Henley.
"We believe that the current PeopleSoft board is not acting in the best interests of stockholders, and that a large majority of those stockholders are in favour of a change."
The four candidates are: Duke Bristow, an economist; Roger Noall, former senior executive vice president and chief administrative officer at KeyCorp; Laurence Paul, managing principal at Laurel Crown Capital; and Artur Raviv, the Alan E. Peterson distinguished professor of finance at the Kellogg School of Management, Northwestern University.
"Although a large majority of the stockholders have already indicated their desire to sell, the current board appears intent on obstructing the will of the stockholders," said Henley. "We plan to give them a choice."
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