PeopleSoft rejects oracle takeover bid

PeopleSoft has formally rejected the $5.1bn (€4.3bn) hostile takeover bid from Oracle.

However, Oracle CEO Larry Ellison has said that he will continue with efforts to take over the company.

The takeover offer came last week after the announcement of a proposed merger between PeopleSoft and JD Edwards, which would have made the combined company bigger than Oracle.

JD Edwards has applied for a court injunction to stop Oracle’s offer. It filed a suit in Colorado asking that Oracle pay it $1.7bn (€1.45bn), the amount of PeopleSoft’s merger offer, for interfering with the proposed merger.