PeopleSoft fends off third Oracle buyout bid

Business
software group PeopleSoft has rejected the latest takeover bid from US rival
Oracle.

California-based
PeopleSoft described Oracle’s lowered hostile bid for the company as
"inadequate". Oracle dropped its cash offer by 19 per cent earlier
this month, to $7.7bn (£4.2bn), following a decline in PeopleSoft’s share
price.

PeopleSoft’s
board has already rejected three previous Oracle bids, including one offer at
$9.4bn.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Email

This field is for validation purposes and should be left unchanged.

Δ

The
US authorities have called for an injunction to stop Oracle from buying PeopleSoft,
saying the takeover would curb choice in the market place and push up prices.

By Mike Berry