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.
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.
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