PeopleSoft rejects Oracle's bid, again

Lawsuits by PeopleSoft shareholders also settled

PeopleSoft's board of directors last week rejected Oracle's latest unsolicited offer to buy the company. PeopleSoft also announced that it has settled a number of class action suits filed against it in connection with Oracle's bid. Oracle's latest offer, made earlier this month, was $US21 per share, or approximately $7.7 billion. It was $5 per share lower than Oracle's previous offer of $9.4 billion, and like Oracle's three previous offers, it was flatly rejected by the PeopleSoft board. Separately, PeopleSoft announced that it had signed a memorandum of understanding to settle class action lawsuits filed in Delaware and California by PeopleSoft stockholders unhappy with the company's Customer Assurance Program. Created after Oracle launched its hostile takeover campaign, the program offered to pay PeopleSoft customers refunds for their software licenses if PeopleSoft's products were discontinued.

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