PeopleSoft Board Spurns Oracle's Hostile Bid

June 12, 2003

[From internetnews.com]

PeopleSoft's (Quote, Company Info) board of directors Thursday voted unanimously to recommend that stockholders reject Oracle's (Quote, Company Info) unsolicited $5.1 billion bid to purchase all of the outstanding shares of PeopleSoft for $16 per share in cash.

The move was widely expected. PeopleSoft President and Chief Executive Officer Craig Conway and Executive Vice President and CFO Kevin Parker, presided over a conference call to address the board's decision, but refused to speculate on the future of all the parties involved because filings with the Securities Exchange Commission are underway.

But after brushing off most questions about how PeopleSoft might be affected by Oracle's move, Conway later wondered what might happen to Oracle after the fallout.

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