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09 Feb 2004
PeopleSoft has told its shareholders to reject Oracle's increased bid for the company, made last week.
Oracle upped its offer by $2.1bn to $9.4bn, but PeopleSoft's board has insisted that the revised price is "inadequate and does not reflect [the company's] value".
PeopleSoft cited opinions from financial investment firms Citigroup Global Markets and Goldman Sachs in support of its assertions that the latest bid still falls short.
Ongoing US and European antitrust investigations into Oracle's bid were also given as reasons for stockholders to reject the offer.
Craig Conway, president and chief executive at PeopleSoft, said in a statement: "The board believes that PeopleSoft has a better plan for stockholders. Oracle's offer does not begin to reflect the company's real value.
"We believe Oracle is using the entire process - tender offer, antitrust and proxy solicitation - in an attempt to damage our company."
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