PeopleSoft reject final Oracle offer

By Derek Sooman on November 11, 2004, 11:59 AM
"The board concluded that PeopleSoft is worth substantially more than Oracle's latest offer. We are a vibrant, strong company with a focused, motivated management team and employee base dedicated to executing on the company's plan." - Dave Duffield, PeopleSoft chief executive.

The PeopleSoft board have rejected Oracle's final offer to buy the company. PeopleSoft have said that they firmly believe the company to be worth more than the $24 a share that constituted Oracle's cash bid. The total transaction, believed to be worth some $9.2 billion, was rejected by the PeopleSoft board on Wednesday. However, PeopleSoft expects its shareholders to meet Oracle's demands anyway, which would send the two companies into a proxy battle for control of its board.

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