08/02 - State attorneys review Oracle, PeopleSoft - East Valley Tribune: Business

08/02 - State attorneys review Oracle, PeopleSoft

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Posted: Saturday, August 2, 2003 11:12 am | Updated: 1:23 pm, Thu Oct 6, 2011.

REDWOOD SHORES, Calif. - More than two dozen attorneys general concerned about business software maker Oracle Corp.'s $7.5 billion hostile takeover bid for rival PeopleSoft Inc. have agreed to cooperate in a review of the proposed deal's impact on competition.

The participating states include California, New York and Texas. About 30 states have signed up to share information gathered in their inquiries.

The multistate arrangement is considered "standard operating procedure" for studying business deals that might trigger competitive aftershocks, said Tom Dresslar, a spokesman for California Attorney General Bill Lockyer.

"The fact that you have signed this arrangement doesn't mean you will take action to try to stop the deal," Dresslar said Friday. "We have no plans to intervene."

The U.S. Department of Justice already is taking a closer look at how an Oracle takeover of PeopleSoft would affect the $20 billion market for business applications software. Oracle has said it's confident its bid will win federal government clearance, but the company hasn't set a timetable for getting the approval. Federal regulators intensified their review in late June.

Redwood Shores-based Oracle declined Friday to comment on the agreement among the state attorneys general.

Connecticut Attorney General Richard Blumenthal filed a lawsuit seeking to block Oracle's bid in June and urged other states to join his crusade. Connecticut couldn't participate in the joint state arrangement because of its existing lawsuit.

Oracle is offering $19.50 per share for Pleasanton-based PeopleSoft and another business software maker, Denver-based J.D. Edwards & Co., now under PeopleSoft's control.

PeopleSoft's shares dipped 2 cents Friday to close at $16.54 on the Nasdaq Stock Market, where Oracle's shares fell 17 cents to close at $11.82.

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