PeopleSoft set to reject Oracle takeover

The board of software maker, PeopleSoft is preparing to reject Oracle's latest hostile takeover bid due to fears of violating antitrust laws, according to reports.

On Wednesday, Oracle said that it would increase the amount of cash in its tender by 22%. Its previous offer was also rejected by PeopleSoft.

Oracle CEO and Chairman, Larry Ellison vowed to retain his commitment to acquiring PeopleSoft earlier this week and said that he would not be deterred by efforts to hinder this plan.