PeopleSoft rejects Oracle's higher bid; it is getting ugly
InfoWorld | at | by Mike
PeopleSoft's board of directors again rejected Oracle's bid for the company Friday, and recommended that its shareholders also shoot down the $6.3 billion offer, saying that the deal is not in the best interest of the company and would likely run afoul of antitrust laws.
The rejection comes just two days after Oracle sweetened its original $5.1 billion offer for the Pleasanton, Calif.-based enterprise software provider, which sparked the firestorm between the two companies. Oracle's initial bid, made June 6, came just days after PeopleSoft announced it was acquiring J.D. Edwards, putting the merger in jeopardy.
Both PeopleSoft and J.D. Edwards have sued Oracle over its aggressive pursuit, and Oracle shot back earlier this week, both increasing its offer for PeopleSoft and suing the company for "eliminating" shareholders' ability to accept the offer.