PeopleSoft's board has rejected Oracle's revised bid of $21 a share, or roughly $7.7 billion, saying it was "inadequate." No surprise that. PeopleSoft thought Oracle's higher offer of $26 a share inadequate.

Oracle lowered its offer by 20% a couple weeks ago to match the slump in PeopleSoft shares, it said. PeopleSoft also said Oracle's unwarranted pursuit was likely to be found anticompetitive when the Justice Department's suit against Oracle's proposed takeover hits court in a few days.

PeopleSoft also agreed to limit that cute double to quintuple your-money-back guarantee it made to customers as a way to ward off Oracle's advances to settle a stockholder class action. It's not much of limit though. It would only apply if Oracle is the acquirer, which was the whole point anyway. The novel poison pill could cost Oracle an extra $2 billion, if it were to actually succeed in buying PeopleSoft.

PeopleSoft is trading at around $18 these days.