PeopleSoft ( PSFT) shareholders refuse to be bought and sold for pittance -- but maybe they'll take $19.50.

Oracle ( ORCL) announced Wednesday morning that it increased its hostile takeover offer of PeopleSoft to $19.50 a share, in an all-cash deal valuing the company at $6.3 billion. Oracle's Chief Executive and Chairman Larry Ellison said the price tag is based on consultations with PeopleSoft stockholders.

"In the last few days, Oracle executives have had the opportunity to speak with the holders of a majority of PeopleSoft shares," Ellison said. "Many of those shareholders indicated the prices at which they would tender their shares. Therefore, Oracle is raising its all-cash offer to $19.50 per share. Oracle remains committed to acquiring PeopleSoft and will not be deterred by management's maneuvers to maintain control of a company they do not own."

The increased offer is the latest salvo in a fast and furious volley since Oracle first launched a $5.1 billion hostile takeover bid on June 6. PeopleSoft filed suit against the database maker, saying the takeover offer was a sham mainly meant to disrupt PeopleSoft's business and its own acquisition of J.D. Edwards ( JDEC).

Oracle announced it was filing a countersuit in Delaware against PeopleSoft, its board, and J.D. Edwards "in response to their collective efforts to eliminate PeopleSoft shareholders' ability to accept Oracle's tender offer." Oracle said PeopleSoft is failing to act in the interest of its shareholders in aiming to block the Oracle bid.

"Contrary to what PeopleSoft management would have you believe, Oracle intends to fully support PeopleSoft customers and products for many years to come," Ellison said in the news release.

Jeff Henley, Oracle's chief financial officer, said, "We expect that a majority of shareholders will immediately contact PeopleSoft's board and demand the opportunity to accept our offer."

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