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 | PeopleSoft board again rejects Oracle |
 PeopleSoft Inc. said Wednesday its board rejected Oracle's $8.8 billion hostile takeover bid, prompting Oracle to say it will let PeopleSoft shareholders decide for themselves whether to accept the offer
PeopleSoft Chairman and CEO Dave Duffield said in a statement the board concluded PeopleSoft "is worth substantially more" than Oracle's latest offer.
The board again recommended that PeopleSoft stockholders not tender their shares to Oracle, which has said it will drop its offer if fewer than half of PeopleSoft shareholders tender their shares by Oracle's Nov. 19 deadline.
Oracle (Research), which first launched the takeover offer back in June 2003, said last week that $24 a share was its "best and final offer." Early this year, Oracle had offered as much as $26 a share, which PeopleSoft's board also rejected.
PeopleSoft (Research) shareholders now have until midnight ET on Nov. 19 to tender their shares if they favor Oracle's bid.
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