Besieged by a hostile $5.1 billion takeover bid by Oracle last week, PeopleSoft late Tuesday cancelled its plan to seek a temporary restraining order to slow Oracle's advances.
Oracle (Quote, Company Info) said Pleasanton, Calif.'s PeopleSoft (Quote, Company Info) had advised it June 9 that it would file a complaint Alameda Superior Court to halt Oracle's offer to PeopleSoft shareholders on the same day. One day later, Oracle said PeopleSoft lawyers notified the company that it would not sue on this matter.
Redwood Shores, Calif.-based Oracle said it hopes the move is an olive branch of sorts
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