...the Peoplesoft stock price going down instead of jumping to 26 (the Oracle bid) says what the market thinks about the takeover
Not really. Yahoo Finance shows that PSFT jumped almost 20% last June when Oracle's takeover bid was announced.
There's no reason to expect the stock to jump on an announcement that the takeover won't happen. And investors won't have much patience for a long legal battle if Oracle fights it.
"PeopleSoft and one other firm--SAP--are the only companies that compete with each other to develop and sell enterprise human resource management and financial services software for large businesses and government and nonprofit organizations"
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Basically I think we're in agreement
We are. I thought you were saying 'the market thinks it sucks' rather than 'the market thinks it's unlikely'.
...the Peoplesoft stock price going down instead of jumping to 26 (the Oracle bid) says what the market thinks about the takeover
Not really. Yahoo Finance shows that PSFT jumped almost 20% last June when Oracle's takeover bid was announced.
There's no reason to expect the stock to jump on an announcement that the takeover won't happen. And investors won't have much patience for a long legal battle if Oracle fights it.
This has been bugging me for a while now...
...but not long enough to RTFA.
"PeopleSoft and one other firm--SAP--are the only companies that compete with each other to develop and sell enterprise human resource management and financial services software for large businesses and government and nonprofit organizations"