HR solutions provider Peoplesoft have rejected software giant Oracle’s bid for ownership at $24.00 per share.

The board were unanimous in their decision following a review of the amended offer declaring the bid as a poor valuation of the firm’s worth.

Dave Duffield, PeopleSoft’s Chairman and Chief Executive Officer said:

“The Board concluded that PeopleSoft is worth substantially more than Oracle’s latest offer. We are a vibrant, strong company with a focused, motivated management team and employee base dedicated to executing on the Company’s plan.

“Peoplesoft will continue to deliver shareholder value by extending our current product leadership, building new products, entering new markets and continuing to deliver the very best customer service in the industry.”

George Battle, Chairman of the Transaction Committee at PeopleSoft said that Oracle wished to acquire the business as part of a rescue mission in what he termed its declining applications business.

Peoplesoft concluded that it would consider a higher offer.