Oracle(ORCL) CEO Larry Ellison said Tuesday that PeopleSoft(PSFT) has withdrawn its threatened lawsuit against his company.
Ellison has done all the talking for both companies about the supposed suit, which he said PeopleSoft was bringing over his company's hostile bid for the rival software shop. One day later, he said PeopleSoft called off the court action. PeopleSoft, meanwhile, never publicly confirmed or denied the lawsuit story. Ellison, however, supplied some details of his rival's aborted suit: It would have been filed in Alameda (Calif.) County Superior Court and would have sought a temporary restraining order. Most likely, the order would have sought to halt Oracle's hostile $5.1 billion bid to acquire PeopleSoft. "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," said Oracle Executive Vice President Safra Catz. "We have made an all-cash, fully financed offer to the PeopleSoft shareholders. We believe that the PeopleSoft board can best serve those shareholders by recommending acceptance of our offer." A PeopleSoft spokesman declined to comment.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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