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Technology Stocks : PSFT - 1999: The "Make-It-or-Break-It" Year? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (1240)	7/1/2003 7:27:17 PM
From: SemiBull	Read Replies (1) \| Respond to of 1274

PeopleSoft Urges Rejection of Oracle Bid Tuesday July 1, 1:53 pm ET PALO ALTO, Calif. (Reuters) - Business software maker PeopleSoft Inc. (NasdaqNM:PSFT - News) repeated its opposition to rival Oracle Corp.'s (NasdaqNM:ORCL - News) $6.3 billion hostile bid in a letter to shareholders on Tuesday, a day after federal antitrust regulators requested more information about the bid. "We believe the tender offer Oracle has made poses extraordinary risks and is destructive to shareholder value," PeopleSoft said in the letter. It said that the Justice Department would likely block the deal for being anti-competitive. An Oracle spokeswoman dismissed the PeopleSoft letter as "another effort to detract attention from the tangible benefits of our offer." "Our offer will substantially benefit them," Oracle spokeswoman Jennifer Glass said, referring to PeopleSoft shareholders and customers. Oracle's current offer of $19.50 per share is more than $2 above PeopleSoft's current share price. The stock is trading down 12 cents at $17.43 in afternoon trading on Nasdaq. PeopleSoft, meanwhile, is pushing to complete its own acquisition of J.D. Edwards & Co. (NasdaqNM:JDEC - News), and urged shareholders to back that deal saying it would allow the combined companies to sell their products to a broader range of large and mid-sized companies. That cash and stock offer was valued at $1.75 billion when announced. The Oracle and PeopleSoft war is actually a battle for the No. 2 position in the market for business-management software that helps companies automate inventory management, accounting and human resources. Oracle currently holds the second spot behind market giant SAP AG (XETRA:SAPG.DE - News; XETRA:SAPG.DE - News), but a PeopleSoft-J.D. Edwards marriage would likely bump Oracle down to a close third.