PeopleSoft rebuffs Oracle -- again

The board of PeopleSoft Inc. urged shareholders to reject the latest $21-a-share offer made May 14 by Oracle Corp.

"The reduced offer is inadequate and does not reflect PeopleSoft's real value," said the board of the Pleasanton, Calif., enterprise software company in a statement. The board added that "there is a significant likelihood that the transaction will be prohibited under antitrust law."

Oracle first proposed a $26 a share takeover last June.