Oracle Says It's Not Quitting on PeopleSoft

Updated from 2:40 p.m. EST

Oracle(ORCL Quote) said Monday that it is committed to its hostile $7.25 billion bid to take over PeopleSoft(PSFT Quote) and will launch a fight to gain control of its rival's board of directors.

"Let us be clear: We remain committed to our effort to acquire PeopleSoft. There is no merit to the idea that the deal is dead," said Oracle Executive Vice President Charles Phillips. He made the statements in a conference call that the database giant organized to quash speculation that it's pulling the plug on the offer.

Although many on the Street expect Oracle to up the ante, Phillips reiterated earlier statements that his company is not willing to pay too much for PeopleSoft and is considering other acquisitions. ...