PeopleSoft Cans Court Action Vs. Oracle

Wednesday Jun 11th 2003 by Staff

In a continuation of turmoil in the business applications market, Oracle says PeopleSoft withdrew its plan to pursue a temporary restraining order to halt Oracle's plan to buy PeopleSoft.


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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