Feds Say No Go on Oracle-PeopleSoft Deal

By Deane Barker on February 12, 2004

Justice lawyers against Oracle’s bid for PeopleSoft: This throws a wrench in the gears.

Justice Department lawyers are recommending that Oracle’s (ORCL) hostile takeover bid for business software rival PeopleSoft (PSFT) be blocked for antitrust reasons, a step that could kill the proposed $9.4 billion deal before shareholders get a chance to vote on it.