PeopleSoft Rejects Latest Oracle Bid as Inadequate

November 12, 2004

“The board concluded that PeopleSoft is worth substantially more than Oracle’s latest offer,” said David A. Duffield, the retired founder of PeopleSoft who was reinstated as chief executive last month. The Oracle offer, which it made 10 days ago, values PeopleSoft at $9.2 billion. PeopleSoft’s board urged shareholders not to respond to the offer.

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