US court blocks Oracle bid

Manufacturing News, Source : TheManufacturer.com
Published : 27 Feb 2004 14:31

Enterprise software specialist Peoplesoft has welcomed a decision today from the Antitrust Division of the United States Department of Justice to block an unwelcome takeover bid from rival Oracle.

PeopleSoft president and chief executive officer Craig Conway said, "Now that the antitrust day of reckoning has arrived and the Justice Department has announced its decision to sue to block the transaction, it is time for Oracle to abandon its efforts to acquire the company. Both companies should now devote all of their energy to competing in the marketplace to provide better products and services for customers. That's the PeopleSoft way of creating greater value for our stockholders."

Oracle’s charismatic chief executive Larry Ellison is believed to be considering fighting the decision which would now mean a heavyweight legal battle with the US government.

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