Business software maker PeopleSoft repeated its opposition to rival Oracle's $6.3 billion hostile bid in a letter to shareholders today.
"We believe the tender offer Oracle has made poses extraordinary risks and is destructive to shareholder value," PeopleSoft said in the letter. It said the US Justice Department would likely block the deal for being anti-competitive.
The letter comes a day after federal antitrust enforcers requested more information about the bid.
The letter urged shareholders to support PeopleSoft's acquisition of JD Edwards & Co, saying the deal would allow the combined companies to sell their products to a broader range of large and mid-sized companies. The cash and stock offer was valued at $1.75 billion when announced.