PeopleSoft, Inc today announced that its board of directors will review the implications of today`s ruling by the US District Court, Northern District of California, in the anti-trust lawsuit brought by the United States of America against Oracle Corporation.
The company stated that PeopleSoft`s board has carefully considered and unanimously rejected each of Oracle`s offers, including its current offer of $21 per share. On 25 May 2004, the board concluded that the current offer was inadequate and did not reflect PeopleSoft`s real value. The board received the opinions of Citigroup Global Markets Inc and Goldman, Sachs & Co that the $21 per share offer was inadequate from a financial point of view.
PeopleSoft claims compensatory damages of more than $1 billion plus punitive damages in the company`s lawsuit against Oracle, which is scheduled to go to trial before a jury in Oakland, California, on 1 November 2004. PeopleSoft`s complaint alleges that Oracle has engaged in unfair business practices, including a deliberate campaign to mislead PeopleSoft`s customers and disrupt its business.
The company also noted that the Department of Justice has 60 days to decide whether it will appeal the court`s ruling to the Ninth Circuit Court of Appeals and that the review by the European Commission of Oracle`s bid is ongoing.
Citigroup Global Markets Inc and Goldman, Sachs & Co are financial advisors to PeopleSoft.
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PeopleSoft (Nasdaq: PSFT) is the world`s second largest provider of enterprise application software with 12 200 customers in more than 25 industries and 150 countries. For more information, visit us at www.peoplesoft.com.
Important additional information
PeopleSoft has filed a Solicitation/Recommendation Statement on Schedule 14D-9 regarding Oracle`s tender offer. PeopleSoft stockholders should read the Schedule 14D-9 (including any amendments) because these documents contain important information. The Schedule 14D-9 and other public filings made by PeopleSoft with the SEC are available without charge from the SEC`s Web site at www.sec.gov and from PeopleSoft at www.peoplesoft.com.
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