Tuesday, February 10, 2004

PeopleSoft: Justice Department staff recommending halt to Oracle's takeover bid

PeopleSoft issued a very brief statement today:
PeopleSoft, Inc. (Nasdaq: PSFT) was informed late today by the U.S. Department of Justice that the staff of the Antitrust Division has recommended that the Department file suit to block Oracle's (Nasdaq: ORCL) proposed acquisition of PeopleSoft. The staff recommendation has been submitted to the office of the Assistant Attorney General. PeopleSoft was also informed that the Department will make its decision no later than March 2, 2004.
I'm not clear if it's normal procedure for DOJ to give the target of an acquisition this sort of early indication of its intention. Either way, things don't look good for Oracle's plan.

No comments: