PeopleSoft withdraws from Oracle lawsuit

PeopleSoft has has rejected taking legal action against Oracle over its hostile takeover.

PeopleSoft has has rejected taking legal action against Oracle over its hostile takeover.

PeopleSoft informed Oracle that it would seek a temporary restraining order against Oracle's attempt to acquire PeopleSoft, but Oracle asked PeopleSoft not to start litigation and to allow discussions to begin between the two companies.

"We are hopeful that this apparent change in course indicates that the PeopleSoft board will be willing to meet with us to discuss our offer," Oracle said.

Oracle denied that its hostile $5.1bn (£3bn) takeover bid for PeopleSoft was an attempt to derail PeopleSoft's own takeover of JD Edwards, announced last week.

Instead, the PeopleSoft acquisition will have immediate benefits for Oracle, and will make Oracle an even more profitable and competitive company, said Oracle chairman and chief executive officer Larry Ellison.

David Legard writes for IDG News Service

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