PeopleSoft Sues Oracle

Jun 17, 2003

PeopleSoft has announced that it has filed a suit against Oracle in an effort to stay Oracle's attempt to acquire PeopleSoft. PeopleSoft maintains that Oracle's unsolicited bid was offered with the intention of foiling PeopleSoft's planned acquisition of J.D. Edwards. J.D. Edwards has filed two suits of its own against Oracle, and PeopleSoft's board has formally rejected Oracle's bid. PeopleSoft shareholders have also filed a class action lawsuit against the company, saying that the company's board breached its fiduciary duties in when responding to the Oracle bid. PeopleSoft has refuted the charges and plans to fight the suit.

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