Oracle's 'Final' PeopleSoft Offer Rejected

The battle for PeopleSoft now goes to the stockholders.

PeopleSoft's (Quote, Chart) board of directors voted unanimously to recommend that its stockholders reject Oracle's final, $24 per share takeover offer because it does not reflect PeopleSoft's "real value."

The decision leaves the hostile takeover battle for PeopleSoft in the hands of stockholders as Oracle looks for a majority to accept the offer, which values the company at about $8.8 billion.

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