Source Pravda.Ru

PeopleSoft is still defiant to Oracle

Oracle Corp.'s $9.2 billion tender offer was bluntly rejected again by the board of business software maker PeopleSoft Inc., a day after 61 percent of PeopleSoft &to=http:// english.pravda.ru/main/18/89/355/13713_yukos.html ' target=_blank>shares were tendered to Oracle, said on Saturday.

"PeopleSoft's board of directors has met and considered the results of Oracle's unsolicited tender offer and unanimously reaffirmed its previous conclusion that Oracle's latest offer is inadequate," the company said in a statement.

The board decision is likely to mean the two California-based business software makers will return on Wednesday to Delaware Chancery Court where the companies have been scheduled to address PeopleSoft's &to=http:// english.pravda.ru/comp/2002/06/11/30174.html ' target=_blank>shareholder rights' plan, known as a "poison pill", reports CNN.

According to the Taipei Times, as of late Friday, Oracle said 228.7 million PeopleSoft shares had been tendered, giving the Redwood Shores-based company the majority support that it demanded to keep its US$24-per-share offer alive.