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.

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

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