The announcement came after the board of directors voted to unanimously reject Oracle’s revised offer of $19.50 per share.
PeopleSoft concluded that the offer undervalued the company based on its financial performance and future opportunities, and it confirmed its plans to go ahead with its acquisition of JD Edwards.
Craig Conway, PeopleSoft chief executive said: ‘PeopleSoft is committed to the JD Edwards acquisition. We believe that the continued execution of our strategy will create significantly higher stockholder value.’
The acquisition war waging between PeopleSoft, Oracle and JD Edwards has seen the two smaller companies sue Oracle for its hostile bid, while Oracle has put advertisments in the Financial Times claiming PeopleSoft shareholders were being denied the chance to vote, and claiming PeopleSoft’s financial performance had been poor of late.
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