The board of the business software maker also asserted that such a merger would face "substantial regulatory delays and a significant likelihood that the transaction would be prohibited." Oracle also competes in the enterprise software market. Combined, the two companies would likely be second only to Germany's SAP in the business software market.
Earlier this week,from $5.1 billion to $6.3 billion. PeopleSoft had as well, on essentially the same grounds.
The hostile takeover has let looseamong the companies. Connecticut's attorney general has also , asserting that the bid would "directly damage the state and its economy and raise prices...by significantly reducing competition in the markets PeopleSoft serves."
Connecticut Attorney General Richard Blumenthal said Thursday that his office has met with Oracle executives and received a letter from Oracle CEO Larry Ellison. But the sales pitch does not appear to be working.
"Nothing we have learned so far has diminished our determination to pursue this antitrust enforcement action," Blumenthal said in Thursday's statement.
Meanwhile PeopleSoft has moved forward with its own. PeopleSoft recently for J.D. Edwards. On Thursday, PeopleSoft initiated the formal exchange offer for the merger.