US software firm PeopleSoft has urged shareholders to reject an improved $9.4 billion hostile takeover offer from rival Oracle, saying the price is too low.
PeopleSoft also accused Oracle of deliberately seeking to harm the firm through the hostile bid process.
Oracle boosted its takeover offer by $2 billion on February 4, declaring it was the 'final price' in its bitter struggle for control.
PeopleSoft directors unanimously agreed to urge shareholders to reject the bid and trust their own plan, based on merging strengths with recently acquired software firm JD Edwards.
'Oracle's offer does not begin to reflect the company's real value, including the value we are creating through our successful combination with JD Edwards,' PeopleSoft president and chief executive Craig Conway said.
