WSJ.com - PeopleSoft Rejects $9.2 Billion Bid From Oracle Corp.: "PeopleSoft executives, meanwhile, vowed to continue to resist Oracle even if a majority of holders tender their shares. Unless Oracle persuades a Delaware judge to lift PeopleSoft's 'poison pill' takeover defense, the two sides are likely to mount a proxy fight at the company's annual meeting next year that would settle the battle.
'We recognize a tender offer for what it is: a nonbinding straw poll,' said Kevin Parker, PeopleSoft's chief financial officer. Any such poll could lead to a proxy fight, 'which we certainly see in our future.'
The shareholders' will remains unclear. Clark Chang, an analyst for Fulcrum Global Partners, noted that the stock price hasn't fallen sharply, suggesting that holders feel a deal may get done."