PeopleSoft said Friday that it has filed a suit against Oracle, the latest in a series of moves aimed at thwarting the database giant's unsolicited takeover bid.
Oracle postponed a hearing on its lawsuit against PeopleSoft, the company said Tuesday, a day after federal antitrust regulators requested additional information to review the database maker's hostile takeover bid for its competitor.
PeopleSoft has cancelled its plans to appear in court Tuesday to seek a temporary restraining order against Oracle and its attempt to take over its business software rival, according to the database giant.
Capping his company's four-week trial against the Justice Department, Oracle CEO Larry Ellison's masterful testimony on Thursday convincingly laid out the legal case for why Oracle should be allowed to be a cold-hearted acquirer.
PeopleSoft board members today rejected Oracle's "best and final" offer in the often contentious 17-month hostile takeover battle. But the database software giant says it will still appeal to shareholders.
As early as spring last year, Oracle considered Lawson Software and J.D. Edwards as acquisition targets, according to a videotaped deposition of Oracle's chief financial officer.
With so many forces mounting opposition to Oracle's hostile bid to buy PeopleSoft, cooler heads might suggest it's time to call it quits. But Oracle CEO Larry Ellison has never been one to follow conventional wisdom. Additional reading: Protect your software assets
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