Mid-market ERP company seeks $1.7 billion dollars in damages.
J.D. Edwards & Co. Thursday said it is suing Oracle Corp. and two of its executives for allegedly interfering with its proposed acquisition by PeopleSoft Inc.
Denver-based J.D. Edwards is asking for $1.7 billion in damages, the value of its deal with PeopleSoft.
The suits were filed against Oracle, of Redwood Shores, Calif., Oracle CEO Larry Ellison, and Oracle executive vice president Chuck Philips, in state courts in California and Colorado. J.D. Edwards said in a statement that these parties "engaged in wrongful conduct and unfair business practices."
J.D. Edwards also sought a court injunction to stop Oracles offer to buy PeopleSoft
for $5 billion.
"Oracles unsolicited offer for PeopleSoft will only destroy value for our companies shareholders, customers and employees and the technology community overall," J.D. Edwards Chief Executive Officer Bob Dutkowsky said, in a statement. Earlier this week, Dutkowsky told customers at his companys user conference that an Oracle purchase of PeopleSoft would likely be drawn out by federal regulators
investigating the antitrust implications of the deal.
Oracle officials said on Thursday afternoon that they had just heard about the J.D. Edwards lawsuit.
"Clearly PeopleSoft and J.D. Edwards prefer to fight in the courts than let shareholders decide. We believe that this case has no merit whatsoever," said Oracle spokesman Jim Finn, in a prepared statement.