 Peoplesoft has rebuffed Oracle for a sixth time |
Software company Peoplesoft has formally rejected a takeover bid from rival Oracle for a fifth time. The rejection came after about 61% of shareholders in the California-based company backed Oracle's $9.2bn (�4.9bn) approach on Friday.
Oracle had threatened to drop its bid if the $24-per-share offer was not accepted by a majority.
Peoplesoft has described the Oracle bid as "inadequate" saying it did not reflect the true value of the company.
"The board reiterated that it will not sell the company for less than it is really worth and that the company's business plan creates superior value for stockholders," Peoplesoft said.
Peoplesoft said it believed most shareholders - including those who tendered their stock - believed the company was worth more than the Oracle offer.
Court challenge
Oracle, which has been pursuing Peoplesoft for at least 18 months, called for a meeting with Peoplesoft's board after receiving the shareholder backing.
It also formally extended its offer for the company until 31 December, describing the $24-per-share offer as final and "fully valued".
Peoplesoft has previously said it will attempt to thwart a takeover by doubling the number of its shares in circulation, a practice Oracle is challenging in court.
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