PeopleSoft stock falls as Oracle takeover bid heats up

WASHINGTON (AFP) Aug 13, 2003
PeopleSoft's stock was lower in early trade Wednesday after the technology group ramped up its legal fight to stave off Oracle's 6.3-billion-dollar hostile takeover attempt.

At 1357 GMT, PeopleSoft was trading down 13 cents, or 0.8 percent, at 16.85 dollars compared with Tuesday's close, while the technology-laden Nasdaq was trading in positive territory.

PeopleSoft said Tuesday it had filed new legal briefs this week alleging ongoing "acts of unfair trade practices" by Oracle's management, including efforts to disrupt PeopleSoft's customer relationships.

Oracle refiled its takeover bid with the Securities and Exchange Commission last month to take account of PeopleSoft's impending merger with its sector rival JD Edwards.

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