Oracle (Quote, Chart) has vowed to "vigorously challenge" the Department of Justice's decision to block the software maker's attempt to purchase PeopleSoft (Quote, Chart) for $9.4 billion.
Because such litigation will extend beyond PeopleSoft's annual shareholders' meeting on March 25, Oracle said it will withdraw its recommended slate of directors and will not solicit proxies at the meeting. It also extended its latest tender offer of $26 per share for PeopleSoft, an 18.8 percent premium, to June 25, 2004. The previous deadline was March 12.
Oracle's decision, widely expected by those familiar with Chief Executive Officer Larry Ellison, came just a few hours after DOJ Assistant Attorney General R. Hewitt Pate announced his decision to quash the bid and file a civil lawsuit in the U.S. District Court of San Francisco.
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