Oracle's 'Final' PeopleSoft Offer Rejected

November 10, 2004

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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