PeopleSoft asks for rejection of Oracle bid

PeopleSoft Inc. said on Monday it is asking its shareholders to reject Oracle Corp.'s proposed $9.4 billion takeover, claiming Oracle is seeking to destroy the company and stockholder value.

PeopleSoft's move came as part of its proxy mailing to shareholders ahead of its annual meeting scheduled for March 25.

Pleasanton, California-based PeopleSoft said in its mailing it told its shareholders that "the future of your company and the value of your investment are at stake."

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"We urge you to act now to protect the value of your share by voting for the existing board nominees."

PeopleSoft also charged in its mailing that Oracle was seeking to elect five hand-picked, paid nominees to its board, placing control of the business software maker in their hands.

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Redwood Shores, California-based Oracle is the second-largest software maker but the third in the market for business application suites behind PeopleSoft and No. 1 ranked SAP AG of Germany.

Last Tuesday Oracle Chief Executive Larry Ellison said in a letter sent to PeopleSoft shareholders his company's $26-a-share takeover offer was a "final offer."