Oracle increased its bid by $2.1bn (£1.1bn) to $9.4bn (£5.1bn).
But Peoplesoft’s board of directors said the revised offer price is ‘inadequate and does not reflect [the company’s] value’.
The company cited opinions from financial investment firms, Citigroup Global Markets and Goldman Sachs in support of its assertions that this, the third bid, has undervalued it.
Ongoing US and European anti-trust investigations into Oracle’s bid were also given as reasons for stockholders to reject the offer.
Craig Conway, Peoplesoft president and chief executive said in the statement: ‘The board believes that Peoplesoft has a better plan for stockholders. Oracle’s offer does not begin to reflect the company’s real value.
‘We believe Oracle is using the entire process – tender offer, antitrust and proxy solicitation – in an attempt to damage our company.’
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