The European Commission (EC) has issued a statement of objections to Oracle in response to its unsolicited tender offer for PeopleSoft. PeopleSoft has commented on this development:
The European Commission`s issuance of its statement of objections supports the PeopleSoft board of directors` position that the proposed combination of PeopleSoft and Oracle faces substantial regulatory scrutiny and the significant likelihood that the transaction will be prohibited under anti-trust law.
The EC action is consistent with the case filed by the United States Department of Justice and seven states challenging this transaction, which is scheduled to go to trial on 7 June 2004.
The world`s two leading anti-trust enforcement agencies have now asserted that the combination of these two companies is anti-competitive. PeopleSoft understands that the European Commission`s final decision is expected to be issued on or before 11 May 2004.
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