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Oracle Corp.'s $9.2 billion tender offer was bluntly rejected again by the board of business software maker PeopleSoft Inc
Oracle Corp.'s $9.2 billion tender offer was bluntly rejected again by the board of business software maker PeopleSoft Inc., a day after 61 percent of PeopleSoft shares were tendered to Oracle, said on Saturday. "PeopleSoft's board of directors has met and considered the results of Oracle's unsolicited tender offer and unanimously reaffirmed its previous conclusion that Oracle's latest offer is inadequate," the company said in a statement. The board decision is likely to mean the two California-based business software makers will return on Wednesday to Delaware Chancery Court where the companies have been scheduled to address PeopleSoft's shareholder rights' plan, known as a "poison pill", reports CNN. According to the Taipei Times, as of late Friday, Oracle said 228.7 million PeopleSoft shares had been tendered, giving the Redwood Shores-based company the majority support that it demanded to keep its US$24-per-share offer alive. "The owners of PeopleSoft have spoken and have overwhelmingly chosen to sell to Oracle at US$24 per share," said Oracle CEO Larry Ellison. "We are prepared to enter a definitive merger agreement as early as this weekend." Oracle sent a letter to PeopleSoft's board requesting a meeting as soon as possible and extended its offer until Dec. 31. The company planned to withdraw the offer if most PeopleSoft shareholders hadn't tendered their stock by midnight Friday. PeopleSoft declined comment after the vote was announced, but the company's board previously has vowed to continue its resistance through the winter. PeopleSoft spokesman Steve Swasey said it was the fifth time the board had rejected Oracle's hostile takeover offer. Oracle had no reaction to the board's decision and said the board had not contacted Oracle since Friday's tender result to discuss its offer, launched in June 2003, informs Reuters.
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