PeopleSoft, Inc. announced that, after careful consideration and acting upon the recommendation of a committee of independent directors, PeopleSoft's Board of Directors voted unanimously to recommend that PeopleSoft stockholders reject Oracle Corporation's (Nasdaq:ORCL) revised unsolicited offer to purchase all of the shares of PeopleSoft for $19.50 per share in cash.

In making its recommendation, the Board reiterated its previously expressed concern that the offer is not in the best interest of the Company's stockholders. The Board concluded that the proposed combination of PeopleSoft and Oracle faces substantial regulatory delays and a significant likelihood that the transaction would be prohibited. Those delays and uncertainties, combined with Oracle's stated intentions to discontinue PeopleSoft's products, would subject PeopleSoft's business to irreparable damage.

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