DoJ to Block Oracle's PeopleSoft Bid
February 26, 2004[From internetnews.com]
The Department of Justice dealt a blow to Oracle's (Quote, Chart) $9.4 billion hostile bid to purchase rival software maker PeopleSoft, (Quote, Chart) saying it would hurt competition and jack up prices in the industry.
Assistant Attorney General R. Hewitt Pate, who heads the DOJ's Antitrust Division, said o Thursday that the DOJ would file a civil lawsuit in U.S. District Court in San Francisco to block the proposed purchase of one leading maker of enterprise software by another.
The Attorneys General of Hawaii, Maryland, Massachusetts, Minnesota, New York, North Dakota, and Texas are joining the DOJ's lawsuit.
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