Lawyers for Oracle (Quote, Chart) asked a federal court to remove one of the last few obstacles in the company's hostile $7.7 billion bid for PeopleSoft (Quote, Chart).
Oracle's lawsuit, filed in Delaware, claims PeopleSoft's Customer Assurance Program
(CAP) and subsequent "poison pill" provisions are unlawful. The CEO at the time, Craig Conway, misled investors and sheltered his own board into
believing that "there is no condition" under which PeopleSoft would ever be
acquired by Oracle, the suit contends.
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