"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.