PeopleSoft Inc., which is fighting a hostile takeover bid by Oracle Corp., said it would hold its annual meeting of shareholders two months earlier this year in a bid to block Oracle’s attempts to take over its board. PeopleSoft’s board scheduled the meeting for March 25.
Oracle said last week that it planned to nominate five directors to the PeopleSoft board, the first step in a proxy battle to overtake the board after the company’s executives had rejected its $19.50-a-share offer. Moving the meeting gives Oracle less time to persuade shareholders and receive a ruling on the acquisition from the Justice Department. Oracle expects the ruling in March.
Shares of PeopleSoft fell $1.42 to $21.57 on Nasdaq. Oracle fell 33 cents to $13.86.