Michigan Opposes Oracle’s PeopleSoft Bid

Software maker Oracle Corp. faces opposition from Michigan’s attorney general in its unsolicited bid for PeopleSoft Inc.

Michigan Atty. Gen. Mike Cox said he filed a motion in U.S. District Court in San Francisco to join the U.S. Justice Department and seven other states in opposing the $9.4-billion takeover.

An antitrust trial is set to begin in San Francisco on June 7. The combination of Redwood City, Calif.-based Oracle and Pleasanton, Calif.-based PeopleSoft could cost Michigan taxpayers more than $130 million, Cox said.

Shares of Oracle dropped 11 cents to $12.35 in Nasdaq trading. PeopleSoft shares fell 49 cents to $19.04, also on Nasdaq.