Oracle said it would cease to market the PeopleSoft product and would eliminate redundant sales and marketing positions.
PeopleSoft rejected the hostile takeover. CEO Craig Conway called the announcement Friday "atrociously bad behavior from a company with a history of atrociously bad behavior." Conway said the move was a "transparent attempt to disrupt the acquisition of J.D. Edwards by PeopleSoft."
Peoplesoft announced June 2 its agreement to acquire J.D. Edwards, another software rival.
Oracle said that while it intends to acquire PeopleSoft, it will review whether to support the J.D. Edwards deal, which is subject to shareholders' approval. It said its own bid "involves substantially less risk for PeopleSoft's stockholders than the proposed transaction with J.D. Edwards."