What a freekin' *** this Larry guy is!!!
Oracle CEO attacks poison pills, but has his own
AFX News Limited
Tuesday, July 08, 2003 (Originally Published: 7/7/03)
SAN FRANCISCO, Jul 07, 2003 -- Oracle CEO Larry Ellison wants to
abolish all corporate "poison pill" plans, beginning with the one at
PeopleSoft that might block his $6.3 billion hostile takeover bid.
But he may have to start closer to home.
Ellison told Italy's Corriere della Sera newspaper on Sunday that he
wants to abolish PeopleSoft's corporate "poison pill" -- or
shareholder rights -- provision, and all poison pills, arguing that
they entrench management at the expense of shareholders. But according
to filings with the Securities and Exchange Commission, Redwood
Shores, Calif.-based Oracle has had a poison pill in place protecting
Ellison and other company executives from a potential takeover since
"How can a manager, who has the duty of running a company, behave as
if he owned it?" Ellison said in the newspaper interview. "Poison
pills should be outlawed everywhere -- it should be the majority of
shareholders, the real owners of the company, to make the decisions."
Oracle spokeswoman Jennifer Glass did not have an immediate comment on
In December 1990, Oracle adopted a poison-pill provision -- also
called a "shareholder rights plan" -- designed to dilute shares of the
company's common stock in case of a hostile takeover attempt in an
effort to keep management at the helm.
Oracle's plan was amended and restated in March 1998, and amended in
March 1999, according to documents filed with the Securities and
Exchange Commission. According to Oracle's most recent Form 10K SEC
filing, dated June 24, 2003, the plan is still in place.
"The shareholder rights plan was adopted to provide protection to
stockholders in the event of an unsolicited attempt to acquire us,"
according to an Oracle filing with the SEC.
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