DOJ Staff Recommends Against Oracle Takeover of PeopleSoft
The U.S. Department of Justice's Antitrust Division opposes Oracle's $9.4 billion takeover bid of PeopleSoft and has recommended to senior officials of the Justice Department that they follow suit, according to PeopleSoft.The U.S. Department of Justices Antitrust Division opposes Oracle Corp.s $9.4 billion takeover bid of PeopleSoft Inc. and has recommended to senior officials of the Justice Department that they follow suit, according to a statement by PeopleSoft. While the DOJ has not officially confirmed that the Antitrust Divisions staff is against the deal, PeopleSoft said late last night that it was informed the staff has recommended that senior staff block the deal. PeopleSoft has also said that the DOJ will make its final decision no later than March 2.
The DOJ has been investigating Oracles hostile takeover bid of PeopleSoft, lobbed in June of 2003. A decision by the department to seek an injunction in federal court against the deal could all but quash itunless, as has been speculated, Larry Ellison, Oracles CEO, decides to fight the deal in court.