Oracle to Fight DOJ's Attempt to Block TakeoverBy Renee Boucher Ferguson | Posted 2004-02-27 Email Print
Oracle's board votes to challenge the DOJ's lawsuit to block its hostile takeover attempt of PeopleSoft, at the same time withdrawing its board slate and extending its tender offer to June 25.Oracle Corp. is taking on the U.S. Department of Justice.
After the Justice Department, joined by seven states' attorneys general, announced Thursday it will seek to block Oracle's $9.4 billion takeover of PeopleSoft Inc. by federal injunction, Oracle's board of directors voted to challenge the deal.
Oracle also dropped its slate of five nominees for PeopleSoft's board of directorsthe election is scheduled for March 25and extended its tender offer to June 25. The previous tender offer was scheduled to end March 2.
Oracle said in a statement it will vigorously challenge the Justice Department's stance on the grounds that its three-vendor claim "does not fit with the reality of the highly competitive, dynamic and rapidly changing market."